Empire

Inside Coinbase’s $375m Acquisition of Echo | Shan Aggarwal

Oct 21, 2025
Guest
Shan Aggarwal
Shan Aggarwal, Chief Business Officer at Coinbase, shares insights into the company's strategic acquisition of Echo and its mission to integrate on-chain capital markets. He discusses the deal's valuation, the importance of cultural fit in acquisitions, and how Echo will enhance issuer services. Shan emphasizes the need for regulatory clarity in tokenized assets, the future of prediction markets on Coinbase, and his advice for founders seeking acquisition opportunities. He envisions an expansive future for digital assets, with Echo playing a crucial role in that transformation.
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INSIGHT

End-To-End On-Chain Fundraising

  • Echo provides an end-to-end solution for compliant on-chain fundraising that connects projects to their communities.
  • Coinbase sees this as a core building block to bring capital markets on chain and expand access to investors.
ADVICE

Choose Build Or Buy By Strategy

  • Evaluate build vs buy by mapping multi-year product strategy and speed-to-market needs.
  • If a superior external team exists and culture matches, prefer acquisition to accelerate impact.
ADVICE

Hire Missionaries, Not Mercenaries

  • Prioritize cultural fit and mission alignment when acquiring teams to retain founders long-term.
  • Seek missionaries, not mercenaries, to ensure lasting integration and continuity.
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