Ad break

This week, we break down Coinbase’s $375 million acquisition of Echo and debate whether it was a good deal or not. We also dive into other top stories, including FalconX’s acquisition of 21Shares, Tempo’s $500 million raise, the latest developments in prediction markets, and more. Enjoy!

--

Follow Rob: https://x.com/HadickM

Follow Santi: https://x.com/santiagoroel

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

--

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

Start your day with crypto news, analysis and data from David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

Referenced In The Show:

State of Crypto 2025: https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/

https://www.ribbitcap.com/knowledge

--

Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.

Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!

--

peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.

peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.

It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.

For more about peaq, check out www.peaq.xyz

--

GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.

Discover how GEODNET is changing the world: [https://geodnet.com]

--

Timestamps:

(00:00) Introduction

(05:11) Coinbase Acquires Echo For $375m

(24:09) FalconX Acquires 21Shares

(27:25) Ads (Blockdaemon, Peaq)

(28:35) Takeaways From The Fed Payments Conference

(35:30) The Market Structure Bill

(41:46) Ads (Blockdaemon, Peaq)

(42:57) Tempo Raises $500m at a $5b Valuation

(49:01) Are Banks In Trouble?

(53:34) Ads (Geodnet)

(54:22) Prediction Markets

(01:02:51) It’s CZ’s World, We’re Just Living In It

(01:06:22) Content of The Week

--

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.