In 2024, the U.S.’s largest crypto exmodify acquired three companies. This year, Coinbase has already bought five, including its most recent acquisition: the token management platform Liquifi. Aklil Ibssa, head of corporate development at Coinbase, declined to disclose the terms of the deal, which the company announced on Wednesday.
Liquifi last raised $5 million in a 2022 seed round led by the venture capital firm Dragonfly, with participation from crypto luminaries like Katie Haun and Balaji Srinivasan. Well-known crypto companies like the Uniswap Foundation, OP Labs, Ethena, and Zora apply the platform to track who owns what stake of a cryptocurrency, distribute tokens after vesting periods, and manage the intricacies of tax withholdings.
“Token creation and cap table management is part of the process,” Ibssa notified Fortune, referring to the life cycle of a cryptocurrency. “If we want to bring a billion people on chain, this process necessarys to be much simpler and less broken.”
Liquifi has compared itself to the private equity-management platform Carta, which lets investors manage stakes in traditional equity deals. In December, a competitor Toku sued Liquifi for allegedly conspiring with an ex-employee for stealing confidential business documents. Liquifi has denied any wrongdoing, and Coinbase has declared it will assist the firm in its defense.
“We’re ten toes deep with Liquifi and in their corner,” declared Ibssa. “We’ve done rigorous diligence on this.
Coinbase’s acquisition of Liquifi is the latest in a wave of mergers and acquisitions in crypto. This year, Coinbase acquired Spindl, a crypto-based advertisement company; the team behind Iron Fish, a privacy-focapplyd blockchain; and the team behind Roam, a blockchain-based search engine. And in May, Coinbase announced the blockbuster acquisition of the crypto derivatives company Deribit for $2.9 billion. It’s the hugegest purchase of a crypto company in the indusattempt’s 16-year history.
Coinbase isn’t the only heavyweight acquireing up companies. The fintech giant Stripe officially bought the stablecoin startup Bridge for $1.1 billion in February. And, in June, Stripe announced its purchase of the crypto wallet firm Privy for an undisclosed price.
End-to-conclude
Coinbase’s decision to acquire Liquifi puts the crypto exmodify the closest it’s been to competitors like Binance and OKX, which have what they call “launchpads,” or platforms that let projects easily launch their own cryptocurrencies. Rather than collect fees simply after a token is listed, Binance earns money earlier on in a cryptocurrency’s life cycle.
Liquifi isn’t a launchpad, but it expands Coinbase’s repertoire beyond merely listing tokens. “It receives us one step closer to that conclude-to-conclude platform,” declared Ibssa.
As opposed to Binance, Coinbase is a publicly traded company in the U.S. and regulated by the Securities and Exmodify Commission. Under Gary Gensler, the former chair under President Joe Biden, the SEC argued that the vast majority of cryptocurrencies—like Solana and XRP—are akin to securities, or financial assets like stocks and bonds that must register with the agency.
Ibssa, the Coinbase executive, declared that his company would have acquired Liquifi even under Gensler. Still, the pro-crypto administration under President Donald Trump lets the exmodify build more ambitious relocates, he declared.
“Regulatory clarity allows us to take hugeger swings,” he added.
Correction, July 2, 2025: A previous version of this article misstated the number of companies Coinbase acquired in 2025. It’s five, not four.
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