Echo is a group-based, on-chain fundraising platform for private token/startup rounds, founded by Jordan “Cobie” Fish. In May 2025 Echo introduced Sonar — software that lets teams self-host public token sales with “configurable compliance” (jurisdiction rules, KYC/accreditation per sale).
Quick Facts
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Product: Echo (private group investing) + Sonar (public sale software)
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Launch timeline: Echo beta in March 2024; Sonar announced May 27, 2025.
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Model: Group leads source deals and co-invest; followers join on the same terms. Leads are paid only when followers profit.
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Compliance stance: Sonar = self-hosted sales with flexible, per-sale compliance (e.g., require KYC, restrict regions, or limit to accredited investors).
How Echo Works
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Private rounds (Echo): Investors join curated groups. Deal terms and min/max tickets are set by the group lead; Echo’s rules discourage contacting founders directly (communication goes via the lead).
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Public sales (Sonar): Projects can run a public token sale on their own site using Sonar. Teams configure eligibility (KYC, geo blocks, accreditation) and payment rails.
Sale Types & Payments (examples)
Projects choose their own parameters in Sonar; terms vary by sale. Always read the sale page.
KYC & Eligibility
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Per-sale rules: Some sales require full KYC and/or restrict specific regions. Echo/sonar materials stress configurable compliance by the issuer.
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Example requirement: Plasma’s Sonar sale allowed U.S. participation only with accreditation, showing how issuers can tailor access.
