Coinbase Ventures, CMCC Global Fund Raven

Coinbase Ventures and CMCC Global have closed a strategic funding round with Raven, a trading firm that provides liquidity to prediction market platforms, at a $90 million pre-money valuation, CNBC reported on 29 September 2026.

Raven was founded in 2023 as a high-frequency crypto trading firm and has expanded into prediction markets since the second quarter of 2025, according to co-founder Petar Kostov.

"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," Kostov told CNBC.

Raven provides liquidity on prediction market platforms including Kalshi and Polymarket, and also participates in non-U.S. regulated and on-chain venues, according to the company's website. It has quoted more than 3,000 contracts spanning sports, crypto, macroeconomics and entertainment.

Coinbase & CMCC Take A Board Seat

Coinbase Ventures is the investment arm of Coinbase, which added betting site-style prediction contracts to its trading app in December 2025. CMCC Global is a Hong Kong-based investor focused on blockchain technology.

Charlie Morris, CMCC co-founder, has joined Raven's board and will work with the company's management on expanding among institutional clients.

"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.

Kostov said Raven's role varies by venue: it advises on market design and API setup before launch, supplies opening liquidity at launch, and then stays in the order book to help a platform expand into new contract categories as it grows.

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What Next?

Raven previously raised $2.7 million in a 2024 seed round at a $25 million valuation, led by Hack VC with participation from Wintermute Ventures and other angel investors, according to The Block. The new round marks close to a fourfold increase on that valuation. Raven declined to disclose how much Coinbase Ventures and CMCC Global each invested.

Prediction markets have drawn increasing regulatory attention in the US this year. The Commodity Futures Trading Commission, which oversees the sector, has been reviewing so-called "mention markets" on platforms including Kalshi, prompting Kalshi to pull its sports-related mention contracts, CNBC reported in August 2026. 

Polymarket does not offer mention markets on its CFTC-regulated US exchange, though it lists them for customers overseas. The scrutiny has extended to prediction platforms' banking relationships: the Financial Times has reported that JPMorgan debanked Polymarket last year. 

Raven's new funding round comes as both Kalshi and Polymarket court additional trading volume and institutional liquidity providers, with the CFTC's Innovation Advisory Committee having discussed the sector at a meeting in August.