hey, it’s Marc.

Coinbase is going full stack.

It has acquired Echo, a fast-growing onchain capital formation platform, for $375 million. Echo enables early-stage crypto projects to raise funds directly from their communities through both private and public token sales. Its flagship product, Sonar, allows self-hosted public launches that are fully onchain, transparent, and community-aligned. Since launch, Echo has facilitated over 300 deals and helped projects raise more than $200 million, all onchain.

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This acquisition builds on Coinbase’s existing infrastructure playbook. Earlier this year, Coinbase acquired Liquifi, a cap table and token issuance platform. Together, these acquisitions give Coinbase a vertically integrated stack, from token creation (Liquifi) to fundraising (Echo) to secondary trading (Coinbase exchange/Base), tightly coupled with custody, compliance, and stablecoin rails.

“The next wave of growth won’t come from speculative trading — it will come from tokenizing financial markets and making capital formation more global and efficient.”

— Alesia Haas, CFO, Coinbase