Raven Raises Funding Round at $90 Million Valuation, Backed by Coinbase Ventures

• Coinbase Ventures and CMCC Global closed a strategic funding round with crypto trading firm Raven at a $90 million valuation, confirmed on September 29, 2026.
• Raven did not disclose how much it raised; the valuation is nearly four times the $25 million mark it carried at its seed round about two years ago.
• CMCC Global cofounder Charlie Morris is joining Raven’s board as the firm scales its market-making for prediction markets such as Kalshi and Polymarket.

Coinbase Ventures and CMCC Global closed a strategic funding round with Raven, a crypto trading firm, at a $90 million valuation before the new capital, the investors confirmed to CNBC on September 29, 2026. The size of the Raven funding round was not disclosed.

Raven builds liquidity for prediction markets, acting as an institutional market maker that posts continuous buy and sell orders on event contracts so traders can move in and out of positions. Founded in 2023, the firm started as a proprietary high-frequency trading shop supplying liquidity across centralized and decentralized exchanges, then expanded into prediction markets in the second quarter of 2025, cofounder Petar Kostov said. It now quotes contracts on Kalshi and Polymarket, along with venues outside the United States and onchain platforms.

Kostov framed the raise around a structural gap in the market. “Venues without enough trading volume often struggle to find a liquidity partner at all,” he told CNBC. Raven has quoted more than 3,000 contracts across sports, cryptocurrency, macroeconomics, and entertainment.

Inside the Raven Funding Round

The $90 million figure is a valuation, not a cash total, and Raven did not say how much each investor put in. It marks a jump of nearly four times from the $25 million valuation the firm carried at its seed round about two years ago. Raven was founded by former traders from Wintermute, one of crypto’s largest algorithmic market makers, and its backers already included Wintermute Ventures and Hack VC. The firm says it now provides liquidity across more than 30 trading venues, including Binance, Coinbase, and OKX.

Coinbase Ventures, the investment arm of the exchange Coinbase, is a pointed backer. Coinbase introduced prediction markets inside its own trading app in December 2025, so funding a firm that specializes in liquidity for those exact products signals alignment beyond a passive bet. CMCC Global, a Hong Kong-based digital asset fund active in DeFi and infrastructure, is the other investor, and its cofounder Charlie Morris has joined Raven’s board to help expand its institutional client base.

The deal lands as prediction markets pull in serious capital. Platforms such as Kalshi and Polymarket have raised at multibillion-dollar valuations this year, and exchanges from Coinbase to Robinhood have added event contracts as a product line. Raven is a bet on the layer beneath them, the market makers that keep those contracts liquid enough to trade at scale. Whether that plumbing keeps pace with the platforms it serves is the question the next phase of funding will test.

Editorial Note: Reported and edited by the Crypto India Magazine editorial team. We use AI tools to assist with research and drafting; every article is reviewed and fact-checked by our editors.

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