Raven, a high-frequency trading firm supplying liquidity to crypto prediction markets, has secured funding from Coinbase Ventures and CMCC Global at a valuation of roughly $90 million, according to a company announcement. The figure marks a near fourfold increase from the $25 million valuation the firm carried in its seed round roughly two years earlier.

The round signals strategic intent as much as capital. Coinbase Ventures is the venture arm of Nasdaq-listed Coinbase, and the exchange has been expanding its own derivatives and event contract offerings. Backing a liquidity provider that specializes in exactly those products suggests alignment beyond a passive financial position.

Who is behind Raven?

Three former Wintermute employees — Petar Kostov, Yuriy Myronovych and Ivaylo Kirilov — co-founded the firm. Wintermute remains one of crypto's most prominent algorithmic trading and market-making operations, and its alumni network now extends across a growing segment of the liquidity provision industry.

Raven's seed round raised approximately $2.7 million to $3 million at a $25 million valuation. Hack VC led that round, with Wintermute Ventures among the participants.

Where does the firm operate?

Since the seed stage, Raven has expanded to provide liquidity across more than 30 trading venues. The roster spans:

• Major centralized exchanges, including Binance, Coinbase and OKX
• Decentralized trading platforms
• Prediction markets such as Polymarket, Kalshi and Gemini Predictions

The breadth matters operationally. A market maker active across centralized, decentralized and event-contract venues can recycle inventory and pricing signals in ways single-venue operators cannot, which tightens spreads and improves uptime for the platforms it serves.

Why prediction markets attract liquidity firms

Raven's core pitch is that it can bring exchange-level liquidity depth to prediction markets through proprietary algorithmic strategies built for tight spreads and high uptime. The prediction market segment also sits at the intersection of crypto and traditional finance: Kalshi operates under CFTC regulation, while Polymarket runs on blockchain rails.

That dual positioning carries regulatory significance. A firm supplying liquidity to both a CFTC-regulated exchange and an on-chain venue must maintain compliance and risk frameworks compatible with each regime, a capability that increasingly separates institutional-grade market makers from retail-facing ones.

What does the no-token strategy signal?

Raven explicitly refuses to issue a cryptocurrency token and has stuck to equity funding. The approach sidesteps the governance complications and regulatory ambiguity that accompany token issuance.

It also matters structurally for institutional backers. When investors include the venture arm of a publicly traded company, familiar corporate structures reduce diligence friction and align the cap table with conventional reporting expectations.

CMCC Global, the second named backer, is a Hong Kong-based digital asset fund with an active portfolio across DeFi and infrastructure investments.

What comes next?

The funding positions Raven to deepen its footprint as prediction markets continue to draw both retail flow and regulatory scrutiny in the United States. With Coinbase building out event contracts and Kalshi operating under CFTC oversight, competition for liquidity provision in the sector is likely to intensify over the coming funding and product cycles.