Coinbase (COIN) has purchased Echo, a startup specializing in onchain capital formation, for around $375 million.
Founded by a prominent figure in the crypto space known as Cobie, Echo has facilitated the raising of over $200 million through approximately 300 deals since its inception.
The platform enables startups to fundraise directly from their communities, either privately or via self-hosted public token sales using a feature called Sonar.
In a statement regarding the acquisition, Coinbase indicated that the deal will aid in developing a “full-stack” solution for crypto fundraising. This will provide startups with better access to capital and tools that align fundraising efforts with their user community. Investors, in turn, will gain access to early-stage investment opportunities that were previously only available through private networks.
“Echo will continue to operate as a standalone platform under its current brand for the time being, but we will integrate Sonar’s public sale product into Coinbase and likely introduce new methods for founders to connect with investors, and for investors to discover opportunities within Coinbase itself,” Cobie stated on X.
Coinbase also plans to broaden Echo’s infrastructure to include tokenized securities and real-world assets in the future.
This acquisition complements Coinbase’s earlier acquisition of LiquiFi, a token management platform. Furthermore, this move follows Coinbase’s expenditure of $25 million on revitalizing Cobie’s UpOnly podcast.
