Coinbase Acquires Token Manager Liquifi in Fourth Deal of 2025

Coinbase has acquired token management platform Liquifi to provide "best-in-class capabilities in token cap table management, vesting, and compliance," the crypto exchange announced Wednesday, marking its fourth acquisition this year as merger activity surges across the digital asset sector.

The acquisition positions Coinbase to support blockchain builders earlier in their development cycle, before tokens are launched or listed on exchanges. Liquifi currently serves crypto companies including the Uniswap Foundation, OP Labs, Ethena, Zora, and 0x, helping them manage token ownership, vesting schedules, and compliance workflows.

Streamlining Token Creation

"Our goal of bringing more than a billion people onchain depends on the teams who are creating the next generation of onchain protocols and applications," Coinbase said in announcing the deal. "But here's the truth: launching a token today is too hard."

Coinbase described the current token launch process as "a fragmented, high-stakes maze of legal, tax, and compliance hurdles on top of stitching together cap table spreadsheets, custom vesting scripts, and regulatory guesswork."

The acquisition aims to address these challenges by automating core workflows while reducing token launch risk. Aklil Ibssa, head of corporate development at Coinbase, told Forbes the deal moves the exchange closer to an "end-to-end platform."

"Token creation and cap table management is part of the process," Ibssa told Forbes, referring to cryptocurrency lifecycles. "If we want to bring a billion people on chain, this process needs to be much easier and less broken."

Integration with Prime Platform

Coinbase plans to integrate Liquifi's capabilities with its Prime institutional platform, combining token management tools with custody, trading, and financing services.

The company envisions "a world where launching a token is easier, faster, and more global than issuing traditional startup equity – and becomes the default path for the next generation of companies."

The acquisition enables Coinbase to compete more directly with international exchanges like Binance and OKX, which operate "launchpads" that help projects launch cryptocurrencies and generate revenue earlier in tokens' lifecycles.

Accelerating M&A Pace

Coinbase's acquisition spree has intensified significantly, with four deals completed in 2025 compared to three in all of 2024. Earlier acquisitions this year include crypto advertising company Spindl and the Iron Fish blockchain team. In May, Coinbase announced its $2.9 billion acquisition of derivatives platform Deribit, the largest crypto industry acquisition in the sector's history.

The broader crypto industry has seen increased consolidation, with fintech giant Stripe acquiring stablecoin startup Bridge for $1.1 billion in February and Ripple acquiring prime broker Hidden Road for $1.25 billion in April, and Kraken's $1.5 billion deal for futures trading platform NinjaTrader.

Ibssa noted that while Coinbase would have pursued acquisitions under previous regulatory leadership, the pro-crypto stance of U.S> President Donald Trump's administration enables more aggressive expansion strategies.

"Regulatory clarity allows us to take bigger swings," Ibssa told Forbes.