Coinbase has acquired Liquifi, a token management platform that automates token distribution, vesting management, cap table handling, and tax compliance for blockchain projects. Liquifi's platform is used by prominent entities such as the Uniswap Foundation, Optimism, and Ethena. This acquisition marks Coinbase's fourth purchase in 2025, following its $2.9 billion acquisition of Deribit two months prior. Liquifi has experienced rapid growth, scaling from $1 billion to $8.5 billion in managed token volume in 2024 and distributing $1.7 billion in tokens across 174 countries. Coinbase aims to integrate Liquifi's infrastructure to support early-stage blockchain teams and simplify token launches, enhancing its enterprise services amid growing demand for tokenization. The acquisition reflects Coinbase's strategy to build an end-to-end crypto platform by bringing token management tools in-house and expanding its capabilities in crypto advertising, privacy chains, and derivatives.