Cryptocurrency trader Cobie announced that his new crypto angel investor platform, Echo, has completed its first transaction, investing $300,000 in the Ethena protocol. In addition, the latest private placement fully diluted valuation (FDV) for Ethena is $600 million, but transaction participants can buy in at Ethena's previous valuation of $300 million, minus Echo platform's 5% arbitrage fee. The transaction was proposed by cryptocurrency trader Ser Shokunin, who confirmed the details with BitMEX co-founder Arthur Hayes, family office Maelstrom, and venture capital firm Dragonfly. As the first transaction on the platform, the group will not charge any additional management or holding fees.