Key Takeaways

• US exchange Coinbase acquired the on-chain crowdfunding platform Echo for $375 million in a move to build out its capital markets infrastructure.

• Echo, founded by Jordan “Cobie” Fish, specializes in enabling communities to raise capital for early-stage projects, reminiscent of the Initial Coin Offering (ICO) boom.

• Coinbase plans to integrate Echo’s tools, starting with its Sonar public token sale product, to offer a full-stack solution from token creation and fundraising to secondary trading and future tokenized securities.

Coinbase Invests in the Next Wave of Fundraising

Major US-based cryptocurrency exchange Coinbase has made a decisive move into the primary fundraising market with the acquisition of Echo, an on-chain crowdfunding platform, for approximately $375 million. This deal signals Coinbase’s strong belief that the future of capital formation for digital assets lies in community-driven, on-chain fundraising, which it aims to bring to its vast user base.

Echo, launched in beta less than two years ago by well-known crypto trader Jordan “Cobie” Fish, has successfully enabled communities to collectively invest in private funding rounds, facilitating over 130 deals and raising more than $51 million since its launch. Its first project was the highly successful synthetic dollar protocol Ethena.

The first project to ever fundraise with Echo was Ethena. The unlock today means Echo makes revenue for the first time ever (we made $37k in total, I am rich now). Thanks to Ethena, to the group leads that shared the deal, and to the Echo users who bought it. Onwards!

— Cobie (@cobie) March 6, 2025

The platform addresses a key challenge in crypto finance: the difficulty founders face in raising capital and the lack of access for individual investors to private token sales. By integrating Echo, Coinbase stated it will be able to enable “more direct community participation, joining projects with capital, entirely on-chain.”

Sonar Integration and the Expansion to New Assets

Following the acquisition, Echo will maintain its brand for the immediate future, but its innovative products will be integrated into the Coinbase ecosystem. Key to this strategy is Echo’s software product, Sonar, which allows founders to self-host public token sales on various blockchains. This tool directly taps into the recent resurgence of community-focused token sales, offering a regulated exchange a direct funnel to new projects.

when i started building echo 2 years ago, i knew it had 95% chance of failing. to be honest, i couldnt really imagine any other outcome, but i thought at least it may be a noble failure worth attempting.

i certainly didn't think echo would be sold to coinbase, but, here we are:…

— Cobie (@cobie) October 21, 2025

The acquisition is part of Coinbase’s broader strategy to build an end-to-end solution for the crypto lifecycle. By integrating Echo’s fundraising tools with its existing strengths in trading, custody, and listing, Coinbase aims to become a full-service platform for both builders and investors.

Moreover, the exchange revealed ambitious plans to leverage Echo’s infrastructure to “expand support to tokenized securities and real-world assets over time,” moving beyond traditional crypto token sales. This positions the exchange at the forefront of tokenizing diverse financial products.

The Return of Community Crowdfunding

Coinbase’s investment validates a growing trend in the industry: the return of community-driven fundraising, a model that echoes the Initial Coin Offering (ICO) boom of 2017. While the original ICO wave subsided due to fraud and opaque information, public sales are re-emerging in a more regulated and structured manner via platforms like Echo’s Sonar.

Industry analysis suggests that while short-term hype around these launchpads may fluctuate, there is a structural, long-term demand. They provide a vital tool for new projects to secure early liquidity and a dedicated user base.

By committing significant capital to acquire a leader in this space, Coinbase is placing a definitive bet that on-chain, community-based fundraising, evolving into a more mature and compliant structure, is the definitive next phase for capital markets in the digital asset world.

Final Thoughts

Coinbase’s $375 million acquisition of Echo is a highly strategic investment that confirms the resurgence of community-centric, on-chain fundraising. The move not only expands Coinbase’s services into the primary markets but also sets the stage for a future where tokenized securities and real-world assets will be fundraised and managed entirely on-chain, creating a full-stack capital market.

Frequently Asked Questions

What is Echo’s main function?
Echo is an on-chain crowdfunding platform that allows communities and individual investors to pool capital to invest in early-stage crypto projects and startups.

What is the significance of the Sonar product?
Sonar is Echo’s self-hosted public token sale product, which Coinbase plans to integrate to provide founders with a way to raise capital directly from the community.

What other types of assets does Coinbase plan to support using Echo’s infrastructure?
Coinbase plans to expand Echo’s support to include the fundraising for tokenized securities and real-world assets (RWA) over time.