Coinbase bought Echo for around $375 million, with the aim of integrating its tools and making it easier for users to run public token sales. The deal affects crypto projects, small investors and large funds that already use decentralized fundraising, marking a step toward more direct on-chain issuance processes.
Under the agreement, Echo and its main product, Sonar, become part of Coinbase, a platform that serves more than 100 million people and holds about $404 billion in digital assets. Sonar allows new projects to sell tokens directly on the blockchain, eliminating banks or intermediaries and reducing fees.
The purchase comes as the company seeks to consolidate a single flow for issuance, custody and distribution within its platform. The move fits into a broader growth strategy, in a context of increased regulatory scrutiny.
Deal details and Sonar integration
The $375 million price is in line with several recent Coinbase acquisitions, and the plan is to offer customers a single path covering listing, custody and distribution of new tokens within the platform. A “self-managed public token sale” means the project team sends tokens to buyers directly on the blockchain and sets its own rules, without brokers.
The acquisition comes as regulators closely watch the company. Coinbase has refunded users up to $400 million after security breaches and still faces legal actions, including an SEC lawsuit resolved in 2025. Therefore, each new token sale must be traceable, comply with KYC/AML and operate under clear governance.
Integrating Echo could accelerate the shift toward blockchain-based fundraising, but it also adds tasks: strengthening compliance checks, protecting against market volatility and tracking every dollar and token from issuance. The next step is to weave Sonar into Coinbase’s existing systems and update compliance tools.
In the coming months it will be seen whether the purchase reduces costs and truly opens onchain fundraising to more users, validating the integration of issuance, custody and listing within a single platform.
