Raven Draws Coinbase Ventures, CMCC Global Investment for Prediction-Market Push
The trading firm is expanding its prediction-market liquidity business with backing from two major blockchain investors.
Raven, a trading firm that has expanded from crypto markets into prediction markets, has secured strategic funding from Coinbase Ventures and CMCC Global at a $90 million pre-money valuation.
The company has become an institutional liquidity provider across prediction-market venues, where it continuously posts buy and sell orders that allow traders to enter and exit contracts. Raven currently provides liquidity on platforms including Kalshi and Polymarket, as well as non-U.S. regulated and on-chain venues, according to its website.
Its prediction-market business began in the second quarter of 2025, following Raven’s launch in 2023 as a high-frequency trading firm providing liquidity across centralized and decentralized crypto exchanges. The firm has since quoted more than 3,000 contracts covering areas including sports, crypto, macroeconomics and entertainment, according to Raven.
For Raven cofounder Petar Kostov, the need for specialized liquidity providers varies significantly across trading venues.
“Venues without enough trading volume often struggle to find a liquidity partner at all. Venues with a lot of trading volume often struggle to find enough liquidity to keep up,” Kostov told CNBC.
Raven’s role can extend well beyond simply maintaining orders in a market. Kostov said the company works with venues from the early stages of developing a market, including decisions involving technical infrastructure and which contracts should initially be offered.
“Early on, we advise on the technical setup and on market design, from API specifications to which markets to list first. At launch, we provide the opening liquidity. After launch, we stay in the book and help the venue expand into new categories as it grows,” he added.
Coinbase Ventures and CMCC Global confirmed the latest funding round with CNBC. Coinbase Ventures is the investment arm of crypto platform Coinbase, which introduced prediction markets in its trading app last December. CMCC Global, based in Hong Kong, invests in blockchain technology.
CMCC co-founder Charlie Morris will also take a more direct role in Raven following the investment. Morris has joined the company’s board of directors and is expected to work with management on expanding Raven’s institutional business.
“We are excited to support Raven’s next phase of growth as they expand the business and continue to dominate liquidity on the venues that they serve,” said Morris.
The new investment follows an earlier funding round in which Raven raised $2.7 million at a $25 million valuation, according to The Block. Hack VC led that 2024 seed round, with Wintermute Ventures and other angel investors also participating.
Raven has not disclosed the individual amounts invested by Coinbase Ventures and CMCC Global in the latest round.
The company’s expansion into prediction markets comes as its original trading business continues to underpin its liquidity operations. Raven was established as a high-frequency trading firm serving centralized and decentralized exchanges before adding prediction markets to its business.