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Coinbase CEO Brian Armstrong outlined his vision for bringing the entire startup lifecycle onchain during an interview on TBPN this week, from incorporation and fundraising to going public.
Armstrong emphasized that capital formation on blockchain technology could democratize access to early-stage investments while making the fundraising process faster, cheaper, and more transparent for entrepreneurs worldwide.
Coinbase Acquires Echo to Transform Startup Fundraising
The exchange announced its $375 million acquisition of Echo, an onchain capital-raising platform founded by crypto veteran Jordan “Cobie” Fish.
Echo has helped over 300 projects raise more than $200 million since launching in 2024.
Armstrong explained that connecting Coinbase’s half-trillion dollars in customer assets with quality projects seeking capital creates a powerful network effect for the crypto economy.
The acquisition extends Coinbase’s infrastructure across the full lifecycle of crypto ventures, from token creation and cap table management to fundraising and secondary market trading.
Armstrong told interviewers that Echo would initially operate as a standalone platform, while its Sonar product would integrate into Coinbase’s broader ecosystem.
The CEO revealed he had been courting Cobie for some time after receiving consistently accurate critical feedback about Coinbase’s products on social media.
“Every time I’d call him, you know, I DM’d him on X a while back and was like, ‘Man, you keep lighting us up on X, but you’re right every time,'” Armstrong said.
The deal also included Coinbase’s $25 million purchase of the UpOnly NFT, reviving the popular crypto podcast that paused during the FTX collapse.
Vision for Full Lifecycle Onchain Company Building
Armstrong detailed how startups could soon handle every business milestone through blockchain rails.
“You can go in there and open a Coinbase account for your startup,” he explained, suggesting the company might even help entrepreneurs incorporate onchain through decentralized autonomous organizations.
Founders could then “press the raise money button” to distribute pitch materials to interested investors, with capital arriving instantly via USDC smart contracts instead of waiting weeks for wire transfers and legal paperwork.
The CEO highlighted the painful traditional fundraising process that entrepreneurs currently endure.
“Every entrepreneur who I know finds the fundraising process to be pretty onerous,” Armstrong stated.
“It usually takes like two to three months where everything else that you’re focused on has to stop. You go do tons of pitch meetings. You get told no 19 out of 20 times.”
The vision extends beyond initial fundraising to daily operations and eventual public listings.
Armstrong noted that crypto payment integration and financing tools would be readily available as companies generate revenue.
“Eventually someday you’re going to want to go public,” he said, describing how companies could list their shares onchain for retail trading.
Armstrong emphasized that this full-stack approach would “increase economic freedom” and enable more entrepreneurs globally to launch businesses.
“This will just increase economic freedom. It’ll increase the number of companies who go raise capital and get started out there in the world,” he added.
Regulatory Path for Onchain IPOs Takes Shape
Armstrong confirmed Coinbase is working closely with the SEC to establish frameworks allowing retail investors to participate in onchain fundraising under appropriate safeguards.
The CEO acknowledged that accredited investor rules provide important consumer protections but also prevent non-wealthy individuals from accessing high-growth investment opportunities.
“In many ways the accredited investor rules are kind of unfair,” he said, expressing hope for finding the right balance between protection and access.
Armstrong revealed he attempted to conduct Coinbase’s own 2021 public listing partially onchain but found regulators unprepared at that time.
“Unfortunately, like the SEC at that time was not the kind of, it wasn’t ready, let’s put it that way,” Armstrong explained.
“Now we have an SEC that’s much more engaged and willing to innovate on this frontier,” he stated, predicting the first company will go public onchain within two to three years.
He envisions a future in which major corporations are listed entirely on the blockchain as crypto continues to transform financial services.
Armstrong also emphasized that most companies would likely raise capital using stablecoins to maintain pricing stability while continuing to hold Bitcoin or other crypto assets as treasury management tools.
“It’s almost becoming like a best practice if you want to hedge against inflation,” he noted regarding Bitcoin treasury holdings.
