Strategic Funding Round Enhances Raven’s Growth in Crypto and Prediction Markets
In a notable development within the cryptocurrency sector, Coinbase Ventures and CMCC Global have successfully closed a strategic funding round with Raven, a trading firm that has reached a pre-money valuation of $90 million.
Background of Raven
Founded in 2023, Raven initially aimed to provide liquidity within the cryptocurrency trading ecosystem. By the second quarter of 2025, the firm expanded its operations to include prediction markets, a move underscored by insights from co-founder Petar Kostov.
Challenges in the Market
According to Kostov, the dynamics of trading volume significantly impact liquidity partnerships in the marketplace. He explained, “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,” as relayed to CNBC.
Investment Details
Both Coinbase Ventures and CMCC Global have confirmed their participation in the funding round. Coinbase Ventures represents the investment arm of the prominent cryptocurrency exchange Coinbase, which recently introduced prediction markets within its trading application last December. CMCC Global, based in Hong Kong, focuses on investments in blockchain technology and innovation.
“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,” expressed Charlie Morris, co-founder of CMCC Global. Morris has since joined Raven’s board of directors to aid in their development efforts among institutional clients.
Raven’s Unique Role in Prediction Markets
Raven operates as an institutional market-maker for prediction markets, ensuring consistent buy and sell orders for contracts that offer traders necessary liquidity to enter or exit positions. Kostov noted that Raven fulfills multiple roles, stating, “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.”
Current Operations and Partnerships
The firm is actively involved in providing liquidity to well-known prediction market platforms such as Kalshi and Polymarket. Additionally, Raven engages with non-U.S. regulated or on-chain venues. Their portfolio includes over 3,000 contracts spanning various categories, including sports, crypto, macroeconomics, and entertainment.
Funding History
Before this latest round, Raven raised $2.7 million during a seed funding round at a valuation of $25 million, with Hack VC leading the investment. Subsequent involvement from Wintermute Ventures and various angel investors occurred in a follow-up round in 2024.
While details on the specific investment amounts from Coinbase and CMCC have not been disclosed by Raven, the firm remains a key player in addressing the liquidity challenges within the expanding prediction market framework.
Conclusion
As Raven continues to grow and innovate within the realm of cryptocurrency trading and prediction markets, the support from Coinbase Ventures and CMCC Global is poised to enhance its operational capabilities, reinforcing its market position significantly.
Disclosure: CNBC and Kalshi maintain a commercial relationship involving customer acquisition and a minority investment.