Coinbase said it has acquired Liquifi, a San Francisco-based platform that automates token distribution, vesting schedules and tax compliance for crypto projects. Financial terms were not disclosed. Liquifi’s software is used by organisations including the Uniswap Foundation, OP Labs and Ethena to track token ownership and manage compliance obligations. The start-up last raised $5 million in a 2022 seed round led by Dragonfly Capital, with participation from former Coinbase chief technology officer Balaji Srinivasan. The purchase is Coinbase’s fourth announced acquisition of 2025, following deals for derivatives exchange Deribit for $2.9 billion, advertising platform Spindl and the team behind privacy network Iron Fish. Head of corporate development Aklil Ibssa said streamlining “token creation and cap-table management” moves the exchange closer to offering an end-to-end platform for on-chain projects. Shares of Coinbase rose about 2.4% to $343.50 in afternoon trading after the announcement. The stock is up roughly 37% this year.