Plasma’s $500 million vault raise, managed by Sonar, the ICO arm of Cobie’s Echo platform, marked the debut of structured, crypto-native fundraising infrastructure in this market cycle

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The raise is being managed in collaboration with Sonar, which is the ICO arm of Cobie’s public fundraising platform, Echo.
Sonar is likely the most impactful crypto-native release of 2025 for the direction of crypto.