TLDR
- Coinbase acquired Echo, an onchain crowdfunding platform, for $375 million in cash and stock
- Echo was founded by crypto trader Jordan Fish (Cobie) and launched in April 2024
- The platform has raised over $200 million across 300+ projects, with Ethena being the first project to use it
- Echo’s Sonar product will be integrated into Coinbase to enable direct token sales on blockchain
- The deal marks Coinbase’s eighth major acquisition in 2025 and signals a return to public token sales similar to ICOs
Coinbase has purchased Echo, an onchain crowdfunding platform, in a deal worth $375 million. The acquisition was completed using a mix of cash and Coinbase stock.
Echo is a platform that allows communities to invest in early-stage crypto projects and startups. The company was founded by Jordan Fish, a crypto trader known as Cobie.
The platform launched in beta in April 2024. Since then, it has helped raise over $200 million across more than 300 projects.
Ethena was the first project to use Echo for fundraising. Ethena is a synthetic dollar protocol that created USDe, one of the fastest-growing yield-bearing stablecoins.
In the eight months after launching, Echo closed 131 deals and raised at least $51 million in funding. The platform focused on helping communities invest together in private funding rounds.
In May, Echo introduced Sonar. This software product lets founders host public token sales on their own terms.
Founders can choose their preferred blockchain for these sales. Options include Hyperliquid, Base, Solana, and Cardano.
Echo Will Stay Independent
Echo will continue operating as a standalone platform under its current brand for now. Cobie confirmed the acquisition on social media platform X.
The Sonar product will be integrated into Coinbase. This integration will create new ways for founders to access investors.
Investors will gain new investment opportunities through Coinbase. The integration will enable direct community participation in projects.
Coinbase stated the integration will help them enable more direct community participation. All transactions will happen entirely onchain.
The company plans to start with crypto token sales through Sonar. Over time, they will expand support to tokenized securities and real-world assets.
Return of Public Token Sales
The acquisition represents Coinbase’s eighth major deal in 2025. Earlier acquisitions included Deribit, LiquiFi, and an NFT asset connected to the UpOnly podcast brand.
Public token sales are making a comeback in the crypto industry. These sales are similar to initial coin offerings that became popular in 2017.
According to Tiger Research, public launchpads like Sonar are leading this trend. Other platforms include Legion, Buidlpad, and Kaito.
ICOs peaked in 2017 but quickly declined due to fraud and lack of transparency. The market then shifted to private sales.
Now public sales are returning in new forms through regulated platforms. These platforms offer more transparency and structure than original ICOs.
Tiger Research expects public launchpads to persist due to structural demand. They serve as tools for projects to secure early users and liquidity.
The day before the Echo acquisition, Coinbase sent $25 million in USDC to Cobie’s wallet. This payment was to acquire and burn an NFT and revive the UpOnly podcast.
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