Coinbase, CMCC back crypto trading firm Raven at $90M valuation
What's the deal? Coinbase Ventures and CMCC GlobalDealroom has a profile for this one. Try Dealroom → have closed a strategic early-stage funding round in Raven, a trading firm, at US$58.2M pre-money valuation. Raven declined to disclose how much each investor contributed.
What does Raven do? Founded in 2023, the firm provides liquidity in crypto trading and has expanded into prediction markets since the second quarter of 2025. It acts as an institutional market-maker, placing constant buy and sell orders so traders can enter and exit positions.
The reach: Raven has quoted more than 3,000 contracts spanning sports, crypto, macroeconomics, and entertainment. It provides liquidity on platforms including Kalshi and Polymarket, and participates in non-US regulated and on-chain venues.
Why now? Prediction markets have moved into the mainstream: Coinbase, whose investment arm led the round, introduced prediction markets in its trading app last December. Raven positions itself as a fix for a persistent liquidity gap.
"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," cofounder Petar Kostov told CNBC.
The investors: CMCC Global is a Hong Kong-based investor focused on blockchain technology. Its cofounder, Charlie Morris, has joined Raven's board and will work with management to expand among institutions.
"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," Morris said.
The backstory: Raven was an established high-frequency trading firm across centralised and decentralised exchanges before entering prediction markets. It raised $2.7 million in a 2024 seed round at US$16.2M valuation, led by Hack VC, with Wintermute VenturesDealroom has a profile for this one. Try Dealroom → and angel investors also taking part.
The signal: The round shows exchanges and investors are racing to build out the plumbing behind prediction markets, not just the venues where people bet. As trading volumes rise, liquidity providers like Raven become critical infrastructure — and a growing target for crypto's largest players.
Read more: CNBC
Image credit: Generated with Gemini
