Coinbase Backed Raven Raises Funding to Bring Liquidity to Prediction Markets

Coinbase Ventures (NASDAQ: $COIN) and CMCC Global have backed crypto trading firm Raven in a strategic funding round that valued the company at a $90 million pre-money valuation.

Founded in 2023, Raven initially focused on providing liquidity across crypto markets before expanding into prediction markets in the second quarter of 2025, co-founder Petar Kostov told CNBC.

Raven acts as an institutional market maker, placing buy and sell orders on prediction market contracts so traders can enter and exit positions more easily. The company provides liquidity to platforms including Kalshi and Polymarket and has quoted more than 3,000 contracts across sports, crypto, macroeconomics and entertainment.

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"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," CMCC co-founder Charlie Morris said. Morris has joined Raven's board and will work with the company on its institutional expansion.

Coinbase Ventures is the investment arm of crypto exchange Coinbase, which launched prediction markets through its trading app last year. CMCC Global, based in Hong Kong, focuses on investments in blockchain technology.