Coinbase Acquires Echo, the On-Chain Fundraising Platform, for About $375 Million

Coinbase announced on October 21, 2025 that it had acquired Echo, an on-chain platform for raising and investing capital. Coinbase put the price at about $375 million in cash and stock, subject to customary adjustments.

What Echo does

Echo was founded by the crypto investor known as Cobie. It lets projects raise money directly from their communities in two ways:

Private sales run through Echo investment groups

Public token sales that projects host themselves with Sonar, Echo's newer product

Coinbase said Echo had helped projects raise more than $200 million across roughly 300 deals. Sonar was used for Plasma's XPL token sale.

Coinbase's plans

Coinbase said it will start with crypto token sales through Sonar and later extend Echo's tools to tokenized securities and real-world assets. The deal follows its earlier purchase of Liquifi, which handles token creation and cap table management for early-stage teams.

Taken together, Coinbase wants to cover a token's whole life: launch, fundraising, listing, custody, staking and secondary trading. Coinbase said founders would get easier access to capital and investors would get access to early deals that were previously hard to reach.

Early-stage token sales are high risk. Many projects fail, and tokens bought in a sale can lose most of their value after listing.