Coinbase Acquires Echo for $375 Million to Expand On-Chain Fundraising Capabilities

On Monday, October 20th, rumors emerged that Coinbase had purchased an NFT from the UpOnly collection. The collection was created by the well-known crypto personality Cobie, who also founded Echo, a startup specializing in on-chain capital formation and cryptocurrency investment crowdfunding.

Less than an hour later, Coinbase CEO Brian Armstrong confirmed the speculation on X, stating, “UpOnly TV is back.” The crypto exchange reportedly paid $25 million in USDC for the NFT, which grants access to eight exclusive episodes of the UpOnly TV podcast.

Soon after, Coinbase made an official announcement confirming the acquisition of Echo for approximately $375 million.

A Milestone for On-Chain Capital Formation

Since its launch, Echo has helped nearly 300 cryptocurrency and blockchain projects raise more than $200 million. The platform was designed to simplify the fundraising process, connecting crypto startups directly with their communities and investors.

Coinbase described the acquisition as a strategic move to “create more accessible, efficient, and transparent capital markets.” The company highlighted that many founders face challenges in securing funding, while retail investors are often excluded from early-stage opportunities.

“Echo solves that problem by allowing projects to raise funds directly from their community,” Coinbase explained in its statement. Echo’s team also confirmed the acquisition through its official channels.

About Echo and Its Technology

Echo’s main product, Sonar, enables startups to conduct private or self-managed public token sales, allowing smaller investors to participate in opportunities traditionally reserved for institutional players.

Coinbase stated that this acquisition would support the development of a full-stack fundraising solution, combining the accessibility of community-based crowdfunding with Coinbase’s robust infrastructure.

While Echo will continue to operate under its own brand, Coinbase plans to gradually integrate Sonar’s public sale product into its ecosystem.

As Cobie explained on X, “Echo will remain a standalone platform for now, but we’ll integrate Sonar into Coinbase and introduce new ways for founders and investors to connect.”

Coinbase Future Expansion Plans

Coinbase also revealed plans to extend Echo’s infrastructure beyond the crypto space, eventually supporting tokenized securities and real-world assets (RWAs).

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