In cryptocurrency today, the US Federal Reserve is exploring a new “payment account” model to allow fintech companies to connect directly to the banking system. Coinbase, meanwhile, bought crowdfunding platform Echo for $375 million and spent another $25 million to revive crypto podcast UpOnly in 2022.
Fed mulls ‘skinny’ payment accounts to open up rails for fintech and crypto companies
The US central bank is considering introducing a new type of payment account that would make it easier for smaller businesses to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenge.
The newly launched “payment accounts” would seek to provide full access to fintech companies that want to use the Fed’s payment services, which are currently reserved for large banks and financial institutions through the Fed’s “master accounts.”
“I believe we can and should do more to support those who are actively transforming the payment system,” he said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding:
“To that end, I asked the Federal Reserve staff to explore the idea of what I call a ‘payment account.’
Payment accounts would be available to all institutions that are legally eligible for an account that currently provides payment services through a third-party bank.
“Lean” ledger accounts would provide access to the Fed’s payment rails while “controlling various risks to the Federal Reserve and the payments system,” Waller said.
Coinbase makes a $375 million bet that onchain ICO crowdfunding is the next wave of cryptocurrency
Major American cryptocurrency exchange Coinbase has acquired Echo, a platform that allows communities to raise capital targeting early-stage projects and startups.
Coinbase has entered into a $375 million deal to acquire Echo, a crowdfunding platform founded by crypto trader Jordan Fish, known in the community as Cobie, the company announced on Tuesday.
The acquisition comes a day after Coinbase sent $25 million in USDC (USDC) to Cobie’s wallet to acquire and burn the non-fungible token (NFT) and revive his UpOnly podcast.
“I certainly didn’t think the Echo would be sold to Coinbase, but here we are: today Coinbase bought the Echo for about $375 million,” Cobie wrote on X.
The acquisition came less than two years after Cobie launched Echo in beta in April 2024 with a mission to enable communities to co-invest in private funding rounds.
In the eight months since launch, the platform has raised at least $51 million in funding, with 131 contracts signed, including Athena, the synthetic dollar protocol behind one of the fastest growing stablecoins on the market, USDe (USDE).
According to Cobie, Athena was the first project to raise funds using Echo, highlighting the platform’s sharp focus on early-stage investing.
In May, Echo introduced Sonar, a software product that allows founders to independently organize public token sales on their own terms and preferred blockchains such as Hyperliquid, Base, Solana or Cardano.
Coinbase commits $25 million to revive podcasts from last bull run
Crypto exchange Coinbase spent $25 million to acquire and burn an irreplaceable token designed to revive a once-popular crypto podcast called UpOnly.
Coinbase CEO Brian Armstrong confirmed that the “rumors are true” on Tuesday, adding that the company has acquired NFT to bring back the UpOnly podcast for another season.
The original podcast was popular during the 2021 bull market and featured interviews with prominent crypto personalities. It was sponsored by FTX before the stock market crashed.
The NFT is now the fifth most expensive NFT sold in crypto history.
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