Coinbase Acquires Liquifi to Boost Token Issuance Support

Coinbase, the leading cryptocurrency exchange in the United States, has acquired Liquifi, a token management platform utilized by prominent entities such as Uniswap Foundation, Optimism, and Ethena. This strategic move is aimed at enhancing support for crypto startups and expanding Coinbase's product offerings for token issuers. The acquisition is part of Coinbase's ongoing efforts to streamline the token issuance process, addressing common challenges faced by early-stage projects.

The integration of Liquifi's capabilities into Coinbase Prime will introduce automated tools for token vesting, distribution, and compliance. These features are designed to simplify the complex workflows involved in launching a token, which include legal processes, team allocations, and intricate distribution logic. Greg Tusar, Vice President of Institutional Product at Coinbase, highlighted that launching a token involves more than just writing smart contracts. He emphasized that Liquifi's platform simplifies these processes, allowing Coinbase to engage with builders at an earlier stage in their development journey, even before a token is listed on the exchange.

Liquifi, headquartered in San Francisco, supports over $8.5 billion in token value across more than 100 clients and processed $1.7 billion in token payouts globally last year. Founded in 2021, the company has raised over $5 million from investors including Dragonfly Capital and Katie Haun, with early support from Andreessen Horowitz’s Balaji Srinivasan. The acquisition of Liquifi will enable Coinbase to offer a comprehensive platform for corporate clients to issue, manage, and service digital assets seamlessly.

This acquisition marks Coinbase's fourth deal of 2025, following its $2.9 billion takeover of derivatives exchange Deribit in May, as well as earlier acquisitions of ad-tech firm Spindl and the privacy-focused network Iron Fish. The Deribit acquisition, if completed, could further expand Coinbase's presence in the crypto derivatives market and integrate traditional financial instruments like tokenized treasuries. The broader wave of crypto mergers and acquisitions (M&A) activity includes recent deals such as 0x acquiring Flood to consolidate the decentralized exchange (DEX) aggregator space and David Bailey’s Nakamoto Holdings going public via a merger with KindlyMD.

The acquisition of Liquifi comes at a time when competitors like Binance are launching platforms for tokens and early-stage decentralized finance (DeFi) projects. While Coinbase has not explicitly stated its plans to build a full launchpad, the infrastructure being put in place suggests a strategic move towards supporting the entire lifecycle of token issuance. This acquisition positions Coinbase to better compete in the rapidly evolving crypto market, providing a more robust and user-friendly platform for token issuers and startups.