Coinbase Acquires Echo for $375 Million to Lead the Next Wave of On-chain Fundraising

• Coinbase acquires Echo for $375 million, positioning Coinbase at the center of a growing movement to make startup investing accessible.

Coinbase acquires Echo for $375 million.

In a bold move signaling the return of community-driven fundraising in crypto, Coinbase has announced the acquisition of Echo, an on-chain capital-raising platform founded by crypto influencer Jordan “Cobie” Fish.

The deal, valued at around $375 million, positions Coinbase at the center of a growing movement to make startup investing more accessible and transparent for everyday investors.

Echo, launched in April 2024, has quickly become one of the most active crowdfunding platforms in the crypto space. It enables communities to collectively back early-stage projects, similar to the 2017 ICO craze, but with stronger compliance, transparency, and self-hosted infrastructure.

In less than a year, the platform has supported over 131 deals and raised more than $200 million, helping projects like Ethena, the creator of the fast-growing stablecoin USDe, attract early community funding.

Coinbase’s Strategic Bet on Community Investing

Coinbase described the acquisition as a step toward “unlocking the future of onchain capital formation.” By integrating Echo’s infrastructure, Coinbase aims to give both founders and investors new tools for direct participation in fundraising rounds.

Echo’s software suite, including its flagship product Sonar, allows startups to self-host public token sales across multiple blockchains like Base, Solana, Cardano, and Hyperliquid, cutting out intermediaries and putting control back in the hands of project teams and their supporters.

In a blog post announcing the deal, Coinbase Ventures heads Shan Aggarwal and Aklil Ibssa wrote that the goal is to make early-stage investing.

“more accessible, efficient, and transparent.”

They noted that while traditional venture capital often leaves small investors locked out, Echo’s model democratizes early access, connecting communities directly with the projects they believe in.

Echo Will Operate Independently For Now

Following the acquisition, Cobie confirmed on X (formerly Twitter) that Echo will continue to operate under its own brand “for now.” However, the Sonar product will be integrated into Coinbase’s platform to expand investment opportunities for users.

This integration is expected to create new channels for founders to raise funds, while giving Coinbase’s millions of users access to vetted early-stage investment opportunities.

The deal comes shortly after Coinbase sent $25 million in USDC to Cobie’s wallet, part of a playful transaction that involved buying and burning an NFT to revive his popular UpOnly podcast. The move now appears to have been a precursor to the larger acquisition announcement.

A Revival of the ICO Spirit With Structure

The Coinbase-Echo partnership reflects a broader shift in the crypto fundraising landscape. According to Tiger Research, the market is seeing a renewed wave of public token sales through platforms like Legion, Buidlpad, Sonar, and Kaito, a modern evolution of the ICO boom that captured headlines in 2017. However, unlike the speculative frenzy of that era, these new platforms emphasize transparency, compliance, and community alignment.

“Public launchpads are expected to persist due to structural demand,”

Tiger Research noted.

“They serve as tools for projects to secure early users and liquidity.”

Interestingly, this trend has even caught political attention. Earlier this year, Zak Folkman, co-founder of the Trump-linked crypto project World Liberty Financial, publicly called for an “ICO revival,” echoing the growing interest in public fundraising models.

A Full-Stack Vision for Crypto Capital Markets

For Coinbase, Echo’s acquisition is more than a one-off purchase; it’s part of a larger strategy to build a full-stack fundraising ecosystem. The company plans to integrate Echo’s tools into its existing infrastructure, enabling everything from token launches and fundraising to secondary trading, potentially bridging private and public capital markets entirely on-chain.

By combining Coinbase’s compliance framework with Echo’s community-driven approach, the exchange is setting the stage for a new era of on-chain capital markets, one that could redefine how startups and investors interact in Web3.