Today in crypto, the US Federal Reserve is exploring a new “payment account” model to let fintechs connect directly to the banking system. Coinbase, meanwhile, has bought crowdfunding platform Echo for $375 million and spent another $25 million reviving the 2022 UpOnly crypto podcast.
Fed mulls ‘skinny’ payment accounts to open rails for fintech, crypto firms
The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenges.
The newly floated “payment accounts” would seek to grant full access to fintech companies seeking to utilize 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 actively transforming the payment system,” said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding:
“To that end, I have asked Federal Reserve staff to explore the idea of what I am calling a “payment account.”
The payment accounts would be available for all institutions legally eligible for an account that currently conducts payment services through a third-party bank.
The “skinny” master accounts would provide access to the Fed’s payment rails, while “controlling for various risks to the Federal Reserve and the payment system,” Waller said.
Coinbase bets $375 million that onchain ICO crowdfunding is crypto’s next wave
Major US cryptocurrency exchange Coinbase has acquired Echo, a platform that allows communities to raise capital targeting early-stage projects and startups.
Coinbase struck 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 came the day after Coinbase sent $25 million in USDC (USDC) to Cobie’s wallet to acquire and burn a non-fungible token (NFT) and revive his UpOnly podcast.
“I certainly didn’t think Echo would be sold to Coinbase, but here we are: Today Coinbase bought 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 invest together in private funding rounds.
In the eight months since launching, the platform has raised at least $51 million in funding, with 131 deals closed, including Ethena, a synthetic dollar protocol behind one of the fastest-growing yield-bearing stablecoins on the market, USDe (USDE).
According to Cobie, Ethena was the first project to fundraise using Echo, highlighting the platform’s sharp focus on early-stage investing.
In May, Echo introduced Sonar, a software product allowing founders to self-host public token sales on their own terms and preferred blockchains such as Hyperliquid, Base, Solana or Cardano.
Coinbase splashes $25 million to revive a podcast from the last bull run
Crypto exchange Coinbase has spent $25 million to acquire and burn a non-fungible token designed to revive the once-popular crypto podcast called UpOnly.
Coinbase CEO Brian Armstrong confirmed that the “rumors are true” on Tuesday, adding that the firm bought the 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 figures. It was notably sponsored by FTX before the exchange collapsed.
The NFT now ranks as the fifth most expensive NFTs sold in crypto’s history.
