Coinbase, a major US cryptocurrency exchange, has acquired Echo, a crowdfunding platform for early-stage projects, for $375 million. Echo was founded by crypto trader Jordan Fish, known as Cobie. The deal was announced shortly after Coinbase transferred $25 million in USDC to Cobie for an NFT purchase and to bring back his UpOnly podcast. Cobie expressed surprise at the acquisition on social media.

Echo launched in beta in April 2024, aiming to help communities invest in private funding rounds. Since then, it has raised over $51 million through 131 deals, including the first project, Ethena, which created a rapidly growing yield-bearing stablecoin. In May, Echo introduced Sonar, a product enabling founders to conduct public token sales on their terms across various blockchains. Following the acquisition, Cobie stated that Echo would continue as a standalone brand, with Sonar being integrated into Coinbase to offer new investment opportunities for founders and investors.

Coinbase mentioned that integrating Echo’s tools would enhance direct community involvement with projects. The acquisition reflects a trend toward community fundraising, similar to the initial coin offerings (ICOs) that gained popularity in 2017. A report from Tiger Research noted that while ICOs faced challenges due to fraud and lack of transparency, public sales in new forms are resurfacing, with platforms like Legion and Sonar leading the way. Although the hype around public launchpads may diminish, demand for them is expected to continue as they help projects to gain early users and liquidity. Additionally, some figures related to the Trump administration have called for reviving ICOs, highlighting ongoing interest in this space.