American cryptocurrency exchange Coinbase has bought investment platform Echo in a nearly USD 375 million cash-and-stock deal, to bring fundraising tools to its platform. The move also serves as another boost for the ongoing dealmaking activities within the digital assets industry, which has picked up pace in 2025 as a crypto-friendly Donald Trump administration, through its policy reforms, opened up opportunities for companies to expand their business in the United States.
Echo’s platform makes raising capital and investing more accessible to the crypto community through private and public token sales.
Coinbase said in a blog post, “We want to create more accessible, efficient, and transparent capital markets.”
While Coinbase will start with crypto token sales via Echo’s Sonar platform, the company later plans on expanding support to tokenised securities and real-world assets.
Founded by crypto trader Jordan Fish two years ago, Echo has so far helped crypto projects raise capital of more than USD 200 million. The Echo platform lets Web3 companies raise capital while using blockchain to manage compliance, contract issuance, and onboarding. Investors can also browse active crypto fundraising campaigns on the platform.
The acquisition now brings Coinbase into the capital-raising market, which has been growing rapidly over the past 12 months. According to early-stage Web3 investor Outlier Ventures, USD 17 billion was raised for Web3 companies in the first half of 2025, a 41% increase from the second half of 2024. There were 773 disclosed deals in the first half of 2025.
Coinbase also said the acquisition of Echo and Liquifi (acquired in July 2025) now provides crypto companies with a full-stack solution for developing, funding, and launching Web3 projects, specifically tokens. While Liquifi streamlines token creation and management, Echo enables private fundraising and public sales, and Coinbase offers its platform for listing and distribution.
Coinbase’s deal making activity, in October, crossed American shores, as it announced its investment in Indian crypto exchange CoinDCX, which has now valued the latter at USD 2.45 billion.
In April 2022, Coinbase Ventures participated in a USD 135 million fundraise for CoinDCX, which had valued the firm at USD 2.15 billion post-money. As of July 2025, CoinDCX’s annualised group revenue stood at about USD 141 million, while its overall assets under custody were USD 1.2 billion.