In a recent interview, Coinbase CEO Brian Armstrong shared his ambitious vision of moving the entire startup lifecycle onto the blockchain. He highlighted the potential for blockchain technology to revolutionize incorporation, fundraising, and public offerings, emphasizing that it could democratize access to early-stage investments. Armstrong stressed the benefits of a faster, cheaper, and more transparent fundraising process for global entrepreneurs.
Armstrong’s vision gained traction with Coinbase’s announcement of its acquisition of Echo, an onchain capital-raising platform founded by crypto expert Jordan “Cobie” Fish, for $375 million. Echo has supported over 300 projects in raising more than $200 million since its inception in 2024. Armstrong pointed out that linking Coinbase’s substantial customer assets, amounting to half a trillion dollars, with promising ventures seeking capital creates a synergistic effect beneficial to the crypto economy. This acquisition broadens Coinbase’s infrastructure, encompassing every aspect of crypto projects, from initial token creation to secondary market trading.
During the interview, Armstrong explained that Echo would function as a separate entity at first, while its Sonar product would eventually integrate into Coinbase’s ecosystem. He revealed his ongoing admiration for Cobie, who consistently provided valuable critiques of Coinbase’s offerings on social media. This relationship ultimately facilitated the acquisition.
Additionally, the deal included Coinbase’s $25 million investment in reviving UpOnly NFT, a popular crypto podcast that had halted operations during the collapse of FTX.
Armstrong painted a future where startups could navigate every business milestone through blockchain technology. By using Coinbase, startups might be able to establish accounts, incorporate onchain through decentralized autonomous organizations, and access instant funding via USDC smart contracts. He lamented the traditional fundraising model, noting the lengthy process entrepreneurs currently endure, which often requires extensive pitch meetings and results in numerous rejections.
Armstrong’s vision also encompasses the full operational lifecycle of companies, including financing tools and crypto payment integrations, as they progress towards public listings. He envisions a landscape where companies can list shares directly onchain, facilitating retail trading and improving overall economic freedom.
As part of this transformative outlook, Armstrong confirmed that Coinbase is actively collaborating with the SEC to develop frameworks that would allow retail investors to participate in onchain fundraising under appropriate regulatory safeguards. He acknowledged the restrictive nature of existing accredited investor rules but expressed hope for creating a system that balances consumer protection with accessibility to high-growth investment opportunities.
Reflecting on Coinbase’s own 2021 public listing attempt, Armstrong noted that the regulatory environment was not conducive for an onchain process at that time. However, he remains optimistic that the SEC is now more open to innovation in this space, predicting the potential for the first onchain public offering within the next two to three years.
Armstrong’s vision includes a future where major corporations are fully listed on the blockchain. He emphasized that companies might increasingly opt to raise capital through stablecoins, ensuring pricing stability, while also utilizing Bitcoin and other cryptocurrencies for treasury management. He described this practice as becoming a standard approach for businesses looking to mitigate inflation risks.
