Echo offers regular users access to investments otherwise reserved for venture capitalists.
Well-known crypto investor and social media star Jordan Fish, also known as Cobie, said his newly founded investment platform Echo has reached a major milestone.
Echo just passed the $10 million mark in new startup investments, less than five months after launch, Fish said on X.
Echo, which launched in beta in April, is designed to provide access to seed-round investments in cryptocurrencies to a wider audience than venture capitalists. With the goal of making VC investing more accessible, Echo is now available to more than 5,000 initial users.
“We still have a lot to fix and change, but we are committed to opening up access to private crypto investing and giving founders an alternative to ‘another VC fund’ in their round,” Cobie told The Defiant.
While Echo cannot release a list of projects funded through its platform due to regulatory restrictions, group leaders have shared information about previous investment opportunities such as Holograph and other top startups such as Megaeth “considering” using Echo.
Echo recently introduced a referral system where existing accounts can invite up to three investors to the platform. Otherwise, users must join a waitlist or try their luck at a gamified approach and play a digital claw machine to win an invitation code.
The platform consists of group leaders and individual investors. Group leaders can share access to their investment deals with members of their “club,” and a percentage of the profits generated by users goes back to Echo and the deal leads if they opt in to profit sharing. This user-centric revenue structure ensures that Echo and the leads only make money when users do too.
On August 22, Echo gave a sneak peek of upcoming features, including club group chats, auction-style fundraising, and public profiles.
“I think in a decentralized economy, VCs are actually kind of an anti-pattern – concentrated ownership of a vehicle designed to decentralize seems to pose a structural risk to founders,” Cobie said.
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