Coinbase's acquisition of Echo aims to acquire the source of assets and restructure the asset ecosystem. On Tuesday, The Wall Street Journal reported that Coinbase has agreed to acquire the on chain private equity investment platform Echo, and has also brought its founder Jordan Fish, known as "Cobie" in the cryptocurrency community, and his team under its umbrella. Echo and its' on chain private equity 'model. Echo is an on chain private investment platform. Cobie specifically mentioned in her post confirming the transaction that she plans to integrate Sonar, a public token sales product under Echo, into Coinbase. Integrating it into Coinbase means that in the future, Coinbase may directly provide a screened and compliant new project token issuance channel for its large user base on its main platform, essentially replicating the underwriting business of traditional investment banks' initial public offerings (IPOs) in the Web3 world. This acquisition also means that Coinbase has expanded from its core trading business to primary markets such as asset issuance. The significance lies in: 1) Coin has gained leverage at the asset source (primary public and private) through Echo and Sonar, and it is expected that more high-quality projects will be financed and issued through Coinbase's own channels in the future, and then listed on Coinbase to complete the closed-loop of asset issuance. 2) Support its base ecosystem, and in the future, projects that are publicly offered through Sonar will be guided to prioritize deployment on the base chain, or high-quality projects that are native to the base chain will be launched on Sonar for public offering faster, and then listed on the Coinbase exchange. 3) The primary public and private offerings on Echo and Sonar should also be open to Coinbase users in the future. Coinbase users will not only be able to participate in secondary trading, but also invest in primary public and private offerings. From this perspective, it is equivalent to the plus and compliant versions of Binance IEO+launchpad, which is relatively more accessible to users compared to the first and second levels. Of course, the original institutional users of Echo and Sonar should be included in Coinbase's entire customer service system in the future. I clearly feel that Coin has started to make efforts recently, with frequent movements