Coinbase Acquires Echo Platform for $375M, Featuring Ethena's Debut Fundraising
Coinbase has acquired Echo, a crowdfunding platform for early-stage crypto projects, in a $375 million deal. Founded by crypto trader Jordan Fish (Cobie), Echo launched in April 2024 and raised over $51 million across 131 deals, including Ethena's initial fundraising. Echo's first project: Ethe

Coinbase has acquired Echo, a crowdfunding platform for early-stage crypto projects, in a $375 million deal. Founded by crypto trader Jordan Fish (Cobie), Echo launched in April 2024 and raised over $51 million across 131 deals, including Ethena’s initial fundraising.
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Echo’s first project: Ethena, a synthetic dollar protocol, used the platform for its debut raise, showcasing its focus on innovative stablecoins like USDe.
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Echo remains a standalone platform under Coinbase for now, with its Sonar tool integrating to enable onchain community investments.
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Public token sales are resurging via launchpads like Sonar, with structural demand for early users and liquidity, per a Tiger Research report from October 16.
Coinbase acquires Echo for $375M to boost community fundraising in crypto. Learn how this deal revives ICO-like trends and integrates Sonar for tokenized assets. Stay ahead in blockchain investments—explore now.
What is the Coinbase Echo Acquisition?
The Coinbase Echo acquisition involves the major U.S. cryptocurrency exchange purchasing the crowdfunding platform Echo for approximately $375 million. Announced on Tuesday, the deal was revealed by Echo’s founder, Jordan Fish, known as Cobie in the crypto community. This move follows Coinbase’s recent $25 million USDC transfer to acquire and burn an NFT tied to Cobie’s UpOnly podcast, signaling deeper ties. Echo, launched in beta in April 2024, enables communities to collectively invest in private funding rounds for early-stage startups and projects.

Source: Cobie
According to Cobie, “I certainly didn’t think Echo would be sold to Coinbase, but here we are: Today Coinbase bought Echo for about $375 million.” The platform has operated for less than two years, yet it has already facilitated significant activity in the crypto space.
How Does Echo Support Early-Stage Crypto Fundraising?
Echo targets communities raising capital for startups and early-stage projects, allowing group investments in private rounds. Since its beta launch in April 2024, it has closed 131 deals and raised at least $51 million in funding over eight months. A prime example is Ethena, the first project to use Echo, which developed the USDe stablecoin—a yield-bearing synthetic dollar that has grown rapidly in the market.
Ethena’s integration with Echo underscores the platform’s emphasis on innovative protocols. As Cobie noted, “Ethena was the first project ever to fundraise using Echo, highlighting the platform’s sharp focus on early-stage investing.” In May 2024, Echo introduced Sonar, a tool letting founders host public token sales on blockchains like Hyperliquid, Base, Solana, or Cardano. This self-hosted approach gives projects control over terms and distribution.

Source: Cobie
Coinbase stated, “Integrating Echo’s tools will help us enable more direct community participation, joining projects with capital, entirely onchain.” Initially focused on crypto token sales via Sonar, the integration plans to expand to tokenized securities and real-world assets using Echo’s infrastructure. Post-acquisition, Echo will operate as a standalone platform under its brand “for now,” with Sonar merging into Coinbase’s ecosystem.
This could introduce new investor access methods, allowing founders to reach communities directly on the exchange. Investors may gain fresh opportunities through Coinbase’s platform, enhancing onchain participation. The deal aligns with broader trends in decentralized finance, where community-driven funding models are gaining traction.
Frequently Asked Questions
What Impact Does the Coinbase Echo Acquisition Have on Community Fundraising?
The acquisition enables Echo to leverage Coinbase’s resources while remaining independent initially, potentially expanding access to early-stage investments. With $51 million raised across 131 deals, it strengthens community involvement in crypto projects like Ethena, fostering more onchain capital raises without intermediaries.
Is the Revival of ICOs Through Platforms Like Echo Sustainable?
Yes, public sales via launchpads like Sonar are resurging due to demand for early liquidity and users, as detailed in a Tiger Research report from October 16. While the 2017 ICO boom faced credibility issues from fraud, modern iterations emphasize transparency and onchain mechanisms, making them more resilient for long-term adoption.

Source: Tiger Research
The report highlights how platforms address past pitfalls by prioritizing structured public participation. Experts note that short-term hype may fade, but underlying needs for direct funding will sustain these tools in the evolving crypto landscape.
Key Takeaways
- Echo’s Rapid Growth: In under two years, the platform raised $51 million and closed 131 deals, starting with Ethena’s USDe protocol.
- Integration Plans: Sonar will merge with Coinbase to support token sales, tokenized securities, and real-world assets onchain.
- ICO Revival Trend: Public launchpads like Echo signal a shift back to community sales, driven by liquidity demands, per official data from Tiger Research.
Conclusion
The Coinbase Echo acquisition represents a pivotal step in revitalizing community-driven fundraising in the cryptocurrency sector. By integrating Echo’s capabilities, including Sonar for early-stage projects like Ethena, Coinbase aims to bridge traditional exchange services with decentralized investment models. As public token sales resurge amid calls for ICO innovation, this deal could democratize access to blockchain opportunities. Investors and founders alike should monitor these developments for emerging onchain investment avenues. Published by COINOTAG on October 22, 2025. Last updated: October 22, 2025.
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