Acquired by Coinbase for around $375 million on October 21, 2025, Echo is an on-chain fundraising platform that provides early-stage access to a wider audience within a compliance-focused framework. It continues to operate as an independent brand. On 21 October, Brian Armstrong, the CEO of Coinbase, posted on X:
Coinbase has acquired @echodotxyz.
— Brian Armstrong (@brian_armstrong) October 21, 2025
Onchain capital formation is a vital and unique part of the crypto ecosystem. Excited to be adding Echo and Sonar to Coinbase to give our customers new token access opportunities. pic.twitter.com/3XIjxMu8cW
With around $150 million raised in private groups and 300 projects supported as of October 2025, Echo helps projects reach a broader audience from day one. Beyond individual raises, Echo strengthens the pipeline of new issuers building on Base, creating a cleaner path from launch to post-funding activity.
What Is Echo On-Chain Fundraising Platform and How Does it Work?
Echo is an on-chain fundraising platform that brings early-stage crypto investing to a wider audience through two tracks: community-led private placements and Sonar, a self-hosted public sale tool. In the community model, recognized investors or KOLs lead deals, curate Web3 startups, and invite their communities to co-invest. This approach has backed early rounds for projects such as Ethena, MegaETH, and Morpho.
Sonar streamlines public token sales with self-custody and a rules-based subscription flow. Projects can run compliant raises on Base, Solana, and Hyperliquid. Participants fund in USDT or USDC, with allocations determined by a time-weighted mechanism that rewards earlier deposits and executes on a first-come, first-served basis. By October 2025, Sonar had supported more than 30 projects and helped raise over $100 million, with Plasma’s XPL cited as the first public case.
Echo continues as a standalone brand while its fundraising rails are aligned with downstream distribution, custody, and trading.
Together with Liquifi’s token creation and cap table management, it sits at the heart of a comprehensive path covering everything from launch to fundraising and secondary markets. The project has not yet announced a native token.
What Are the Key Use Cases of Echo?
1. Community-Led Private Placements
Well-known investors or KOLs act as leads, curate Web3 startups, and invite their communities to co-invest in early rounds.
2. Sonar Public Token Sales
Sonar solves two founder pain points: run public token sales you can market to your own community, and raise without relying on Echo’s group-lead structure. It’s self-hosted sale software for multiple chains, with flexible formats (auctions, option drops, points systems) and configurable valuations and allocations.
Today, we are announcing Sonar – a new product by Echo that lets anyone host a public token sale. pic.twitter.com/2TmuisokIJ
— echo (@echodotxyz) May 27, 2025
3. Compliance-First Workflows
The platform supports compliance, contract issuance, and investor onboarding for on-chain raises, aiming to make capital formation more transparent and efficient.
4. Embedded Wallet Support
Users can create wallets linked to their accounts through integrated third-party services, streamlining funding and transaction flows while keeping control of digital assets.
5. Broader Investor Access
The platform is designed to democratize early-stage participation, enabling community involvement in private placements and public sales under a framework focused on transparency.
6. Base Ecosystem Funnel
The platform has supported dozens of Base projects, directing issuers and users to Coinbase’s Base L2 and strengthening the flow of deals that can fuel secondary markets in the future.
What Does Echo's Coinbase Acquisition Mean for the Base Ecosystem?
Echo has worked with dozens of teams on Base, bringing a steady flow of new projects and users to the Layer-2. By linking fundraising with token creation and later with listing and custody, it cuts down on handoffs and delays. Teams can move from raise to launch with fewer steps.
For builders, that means a clearer path from funding to deployment, with distribution and onboarding tools ready to use. For participants, it means more early-stage chances on Base, with everything kept onchain and aligned with compliance needs. In short, Echo channels projects into Base and helps set up follow-on liquidity as those projects mature.
Key Risks and Considerations of Echo's Fundraising Platform
• Early-stage risk: Primary allocations are high risk and many projects can go to zero. Size positions conservatively and expect long execution timelines.
• No official token/airdrop: There’s no Echo token or airdrop in the source. Treat “eligibility” dashboards and claim sites as unverified until confirmed on Echo’s official channels.
• FCFS congestion: Sonar’s time-weighted, first-come model can spike gas and cause failed or duplicate transactions. Pre-approve on the right chain and budget for fees.
• Verification and chain hygiene: Always verify domains and contract addresses, and confirm the exact chain and asset (USDT or USDC). Sending to a fake or wrong contract is irreversible.
Final Notes
Echo broadens primary-market access via community-led private placements and Sonar, a self-hosted sale tool. There is no native token or airdrop announced. Sonar uses USDT or USDC with time-weighted, first-come execution, so confirm chain, contract, and asset to avoid failed or spoofed transactions.
Compliance is set by founders; Echo’s eID attestation helps prove eligibility without sharing personal data by default. Echo also funnels projects into Base, reducing handoffs from raise to launch. Size positions conservatively, verify links on official channels, and read vesting terms before funding.