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Quick take:
The platform has already helped blockchain projects raise over $200 million from about 300 completed deals.
Its newly launched public sale platform, Sonar, already helped Bitcoin-powered stablecoin-focused blockchain Plasma raise $500 million.
With this acquisition, Coinbase hopes to enable more direct community participation, joining projects with capital, entirely on-chain.
Coinbase, the publicly listed U.S. crypto exchange platform, announced Tuesday that it has acquired the leading on-chain fundraising platform, Echo, for about $375 million. With this acquisition, Coinbase hopes to enable more direct community participation, joining projects with capital, entirely on-chain, the crypto exchange said in a blog post.
Echo allows blockchain projects to raise funds directly from their communities through a private sale or by self-hosting a public token sale using Sonar. The platform has already helped blockchain projects raise over $200 million from about 300 completed deals.
Its newly launched public sale platform, Sonar, already helped Bitcoin-powered stablecoin-focused blockchain Plasma raise $373 million.
According to the announcement, Coinbase plans to begin the integration process by enabling crypto token sales via Sonar. However, there are plans to expand support to tokenized securities and real-world assets over time, leveraging Echo’s infrastructure.
“With this acquisition, we’re building a full-stack solution for crypto projects and investors, covering everything from launch to fundraising to secondary trading,” the company said.
Some of the benefits of integrating Echo’s on-chain fundraising platform with Coinbase include giving builders easier access to capital and community-aligned fundraising tools and providing investors with a variety of opportunities that were previously out of reach, according to the blog post.
Echo’s acquisition follows Coinbase’s recent purchase of the token creation and cap table management platform, Liquifi. “While Liquifi strengthened our ability to support builders at the start of their journey, Echo extends that support into fundraising,” said Coinbase.
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