Coinbase buys Echo for $375 million: ICOs celebrate comeback
- The US crypto exchange Coinbase has acquired the Echo platform. The startup enables communities to collectively invest capital in early funding rounds. The deal cost approximately $375 million.
- Echo was founded in 2024 by Jordan Fish, better known in the crypto community as Cobie. The platform aimed to bridge the gap between private investment rounds and public participation, with a focus on on-chain crowdfunding.
- Since its launch in April 2024, Echo has raised over $51 million for 131 projects. The first project was Ethena, the backbone of the rapidly growing stablecoin USDe. With its Sonar product, Echo enabled founders to host their own token sales on blockchains such as Base, Solana, Cardano, and Hyperliquid.
- According to Coinbase, Echo will initially continue to operate under its own name, while Sonar will be integrated into the crypto exchange's ecosystem. In the long term, Coinbase plans to also offer tokenized securities and real-world assets.
- The purchase is reminiscent of the ICO era of 2017, when public token sales first became a mass phenomenon. According to an analysis by Tiger Research, public sales are currently experiencing a comeback, this time with clearer rules and more transparent structures.
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Sources
- Cointelegraph report | Cointelegraph
Eine Quelle: btc-echo.de