Echo
Echo is an on-chain capital formation platform enabling qualified investors to access early-stage crypto startup rounds and public token sales via private investor groups and a reusable eID product. Founded in 2023 and acquired by Coinbase in October 2025 for approximately $375 million.
- Company typePrivate
- Founded2023
- HeadquartersRoad Town, Tortola, British Virgin Islands
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Echo does
Echo is an on-chain capital formation platform that enables qualified investors to participate in early-stage crypto startup funding rounds and public token sales. Founded in 2023 by crypto personality Cobie, the company operates two product lines: a private group investing platform where lead investors (top VC firms and crypto-native funds) create groups that members can join and follow on a deal-by-deal basis, and Sonar, a reusable electronic identity (eID) product that authenticates investors once for participation in public token sales hosted by individual projects. All investments execute on-chain using USDC, with smart contracts managing asset ownership so that lead investors never custody follower funds; Echo, not the lead, manages the legal entity that invests in target companies. Lead investors are compensated through a profit share on followers' returns, aligning incentives for deal-flow distribution.
The business model is transaction-fee-based on facilitated capital flows, though specific fee schedules are not publicly disclosed. Go-to-market is product-led and self-service, with onboarding restricted to accredited or otherwise qualified investors based on local law and demonstrated investment knowledge. The company is domiciled in the British Virgin Islands (Gm Echo Manager Ltd. and Gm Echo Clicks Ltd. for Sonar), targets a global user base excluding FATF-sanctioned jurisdictions, and operates with 11-50 employees. As of the acquisition date, Echo had facilitated more than $200 million in capital across approximately 300 deals and supported over 85 private investing groups, with named project participants including Hyperlane, Arcium, Plasma, Sphere, Ethena, Monad, Megaeth, and Initia.
In October 2025, Echo was acquired by Coinbase Global for approximately $375 million in a cash-and-stock transaction, integrating the platform into Coinbase's full-stack tokenized capital markets infrastructure alongside its earlier Liquifi acquisition. Following the deal, Sonar was rebranded as Coinbase Token Manager in February 2026, positioning Echo as the primary issuance and community-distribution layer within Coinbase's broader crypto capital markets stack.
Echo firmographics
Firmographics- Name
- Echo
- Legal name
- Gm Echo Manager Ltd.
- Website
- https://echo.xyz
- Company type
- Private
- Founded year
- 2023
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Echo is an on-chain capital formation platform enabling qualified investors to access early-stage crypto startup rounds and public token sales via private investor groups and a reusable eID product. Founded in 2023 and acquired by Coinbase in October 2025 for approximately $375 million.
- Ownership category
- akta.pro rank
Echo industry classification
Industry- Product category
- Crypto Investment Platform
- NAICS
- Miscellaneous Intermediation (523910)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Infrastructure & Project Finance Tokenization (FSADAEAF)
Keywords
Where Echo is headquartered
LocationHeadquarters
- HQ city
- Road Town, Tortola
- HQ country
- British Virgin Islands
Offices1 record
Markets served
Echo business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Others
Revenue model
- Platform fees from capital raising: Echo earns fees from facilitating private investment rounds and public token sales. The platform connects lead investors with community members through private investing groups and public Sonar sales. Fee structure is not publicly disclosed.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Private group investing for qualified investors |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Echo product offering
Product offeringCore offering
Echo operates an on-chain capital formation platform that enables qualified investors to participate in early-stage crypto startup and token project funding rounds alongside professional lead-investor-led private groups. Through more than 85 private investing groups and a USDC-based on-chain settlement layer using smart contracts, the platform has facilitated over $200 million across approximately 300 deals. Sonar, a complementary product, provides a reusable electronic identity (eID) for investors to authenticate once and access public token sales hosted directly by projects on or outside Echo.
Product overview
Echo is an early-stage investing platform comprising two main product lines: (1) the Echo Platform for private group investing, which enables communities to invest together in private funding rounds through more than 85 investing groups led by professional VC firms and crypto investors, and (2) Sonar, a reusable electronic identity (eID) product that provides cross-platform authentication for public token sales. The platform uses smart contracts and on-chain transactions (USDC) for settlement. Echo has facilitated over $200 million raised across approximately 300 deals since its founding. The platform was acquired by Coinbase in October 2025 for approximately $375 million.
Differentiator
Problem solved
Functional benefit
Brands
- Sonar: A public token sale product and eID authentication platform that allows users to authenticate once and access public sales across different platforms. Each sale is hosted directly by the project, enabling users to support projects they already follow.
Products and services
- Echo Platform On-chain capital-raising platform enabling community-driven early-stage investing. Lead investors create groups that members join and follow to invest alongside them in private funding rounds for startups and token projects. Investments are executed entirely on-chain using USDC, with smart contracts managing asset ownership.
- Sonar Reusable electronic identity (eID) product for public token sales. Authenticates investors once and allows participation in public sales across different platforms, with each sale hosted directly by the project. Includes a Sonar API allowing third-party platforms to verify KYC and eligibility via OAuth.
- Private Group Investing Access to venture capital opportunities through 85+ private investing groups led by top VC firms and leading crypto investors. Qualified investors join groups and invest on a deal-by-deal basis on the same terms as the lead, with deal participants rolled up into a single entity investing into the target.
- Sonar Public Sales Public token sale functionality where projects host their own sales directly. Investors authenticate via their Sonar eID to participate, designed to support self-hosted token sales and tokenized securities offerings outside of Echo's private groups.
Quantifiable outcome
- Over $200 million raised across 300+ deals since launch
- +2 more outcomes
Companies that use Echo
Customer profileNamed customers12 records
Segments1 record
Ideal customer profiles2 records
Echo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature4 records
Echo partnerships and signals
Strategic signalScale indicators4 records
Recent moves5 records
Expansion highlights5 records
Echo competitors and assessment
Company assessmentDirect peers
- Republic: Republic is a private investment platform offering access to startup equity and crypto token sales to retail and accredited investors, directly competing with Echo's private group investing and Sonar products.
- CoinList: CoinList is a leading token sale platform that facilitates public and private sales for crypto projects, directly comparable to Echo's Sonar and private group investing offerings.
- AngelList: AngelList operates a private startup investing platform that connects founders with investors through syndicates and funds - a comparable model to Echo's lead-investor group structure.
- Securitize: Securitize provides tokenization infrastructure for securities offerings, comparable to Echo's on-chain capital formation and Sonar public sale platform.
- DAO Maker: DAO Maker operates Initial DEX Offering (IDO) launchpads and dynamic valuation models for crypto project fundraising, comparable to Echo's token sale facilitation.
- Polkastarter: Polkastarter is a decentralized fundraising platform enabling crypto projects to raise capital via fixed-swap pools, competing with Echo for early-stage token sale flow.
- BnkToTheFuture: BnkToTheFuture is an online investment platform focused on crypto and fintech companies, offering comparable private sale access for qualified investors.
- tZERO: tZERO operates a security token issuance and trading platform, comparable to Echo's tokenized capital formation infrastructure for compliant offerings.
Broad incumbents
- Coinbase: Coinbase is Echo's parent company and the largest US crypto exchange, offering overlapping tokenization and capital markets infrastructure through its broader ecosystem.
Emerging players
- Swarm: Swarm provides tokenized securities infrastructure for issuing and managing digital equity, an emerging player with partial overlap to Echo's on-chain capital formation capabilities.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Echo social profiles
Digital presenceEcho compliance and trust
Trust signalCompliance1 record
Echo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Echo leadership team
Management profileNumber of profiles
Profiles1 record
Echo subsidiaries and ownership
Company hierarchySubsidiaries1 record
Echo funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Echo M&A and investment
M&A and investmentM&A
Investments17 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Echo
What does Echo do?
Echo operates an on-chain capital formation platform that enables qualified investors to participate in early-stage crypto startup and token project funding rounds alongside professional lead-investor-led private groups. Through more than 85 private investing groups and a USDC-based on-chain settlement layer using smart contracts, the platform has facilitated over $200 million across approximately 300 deals. Sonar, a complementary product, provides a reusable electronic identity (eID) for investors to authenticate once and access public token sales hosted directly by projects on or outside Echo.
Is Echo a public or private company?
Echo is a private company. It is classified as corporate owned and is currently acquired.
When was Echo founded?
Echo was founded in 2023. It employs 11 to 50 people.
Where is Echo based?
Echo is headquartered in Road Town, Tortola, British Virgin Islands.
How does Echo make money?
One revenue line is on record: platform fees from capital raising.
Who are Echo's main competitors?
Direct peers on record are Republic, CoinList, AngelList, Securitize, DAO Maker, Polkastarter, BnkToTheFuture and tZERO. Coinbase is listed as a broad incumbent. Swarm is listed as an emerging player.
Does Echo have an API?
Yes. Sonar offers an API ("Sonar API Terms") for authentication and identity verification purposes. The "Log in with Sonar" feature uses OAuth (or similar confirmation) allowing third-party apps and platforms to verify user identity, investor credentials, accreditation status, and KYC compliance by calling the Sonar API. The API is used by Authentication Parties to confirm whether users have completed KYC with Sonar or meet eligibility requirements set by third parties. No additional details on API type (REST/GraphQL), rate limits, versioning, or sandbox availability are specified in the available sources.
What industry is Echo in?
Echo's product category is Crypto Investment Platform. Its primary akta.pro industry code is FSADAEAF, Infrastructure & Project Finance Tokenization. Its NAICS code is 523910 and its SIC code is 6200.