Coinbase is making a series of strategic acquisitions to solidify its position amid the current growth of the cryptocurrency sector. Its latest acquisitions include the Echo fundraising platform… and Cobie’s NFT platform, UpOnly.
Coinbase Acquires the Echo Fundraising Platform
Since its 2021 IPO, the cryptocurrency exchange Coinbase has played a unique role in the evolution of the cryptocurrency sector as it integrates with traditional finance. This strategy is accompanied by strategic acquisitions, as well as ongoing negotiations regarding the acquisition of the stablecoin startup BVNK.
At the same time, other mergers and acquisitions are taking place, such as the confirmed acquisition of “the leading blockchain fundraising platform,” Echo, for $375 million. The company was founded by renowned crypto investor and podcast host Cobie, who is very active on the X network.
We began developing Echo about two years ago with the goal of changing the market dynamics surrounding cryptocurrency fundraising. Today, we’re joining Coinbase, but our mission remains the same.
Echo
The stated goal is to make fundraising more community-driven, with operations that directly connect project developers with individual investors without necessarily having to go through traditional venture capital firms, using private or public sales of self-hosted tokens conducted through its flagship product, Sonar.
Should we see this as a promise of new Initial Coin Offerings (ISO) 2.0 within a regulatory environment that is now favorable?
But also a $25 million “UpOnly” NFT
But this deal doesn’t stop there, if we are to believe the rumor recently confirmed by Coinbase founder Brian Armstrong. Indeed, it appears that alongside the acquisition of Echo, a very specific NFT was also purchased.
It is, in fact, a non-fungible token (NFT) intended to trigger the relaunch of Cobie’s “UpOnly” podcast, which was very popular during the 2021 bull market. To do this, it had to be purchased—for a fixed price of $25 million—and then destroyed via a burn process to trigger its activation.
The UpOnly NFT purchased by Coinbase for $25 million
The rumors are true—we bought the NFT. UpOnly is back.
Cobie
It’s worth noting that the highest bid for this NFT on the OpenSea platform was $18,500 (4.7 ETH) before Coinbase came along and bought it… for $25 million.
