Coinbase Global has reached an agreement to acquire Echo, an onchain private investment platform, for approximately $375 million, according to a report by the Wall Street Journal on Tuesday, citing company executives.
The acquisition will be funded through a combination of cash and stock, with the full financial details expected to be disclosed later today.
Coinbase CEO Brian Armstrong posted on X, “Coinbase has acquired @echodotxyz. 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.”
Following the initial report, Jordan Fish, Echo’s founder and a prominent figure in the crypto community better known by his pseudonym Cobie, confirmed the deal on the social media platform X.
“I certainly didn’t think echo would be sold to coinbase, but, here we are: today coinbase bought echo for $375,” Cobie wrote, confirming the transaction amount.
Cobie added that Echo is set to operate as a standalone platform under its existing brand for the time being. However, plans are in place to integrate Sonar, Echo’s public token sale product, directly into the Coinbase ecosystem.
This purchase is a notable move for Coinbase, marking its eighth acquisition this year. The crypto exchange’s recent shopping spree has included other entities such as Deribit and LiquiFi. Most recently, Coinbase reportedly spent $25 million to acquire an NFT to revive the popular crypto podcast UpOnly.
On Monday, Coinbase’s stock closed up 2.31% at $343.78, reflecting a year-to-date increase of 33%. The company currently commands a market capitalization of $88.3 billion.
The Block has reached out to Coinbase for additional comment regarding the acquisition.
