Coinbase, CMCC Invest in Prediction Market Liquidity Provider Raven at $90M Valuation

Raven, a liquidity provider to prediction markets, recently closed a financing round led by Coinbase Ventures and CMCC Global that values the firm at $90 million. Coinbase and CMCC Global invested in Raven, a market maker for prediction markets. (Image: Getty) Coinbase Ventures is the venture investing arm of Coinbase Global (NASDAQ: COIN), the cryptocurrency exchange giant with an increasingly prominent footprint in the prediction market industry. Founded in 2023, privately held Raven has made markets in thousands of event contracts since entering the space in the second quarter of 2025. “Raven is a next generation algorithmic high-frequency trading firm that is focused on long-lasting partnerships and building the future of digital finance,” according to the company’s website. In addition to market making in prediction markets and traditional financial assets, Raven provides liquidity for digital assets and token projects across the centralized and decentralized finance spectrums. CMCC co-founder Charlie Morris is joining the Raven board of directors. Raven did not disclose the dollar amounts invested by CMCC and Coinbase Ventures. Raven Another Example of Soaring Prediction Market Valuation While Raven isn’t yet a household prediction market name, at least not to retail traders, it is another example of institutional investors’ rabid appetite for involvement in this industry. The company’s pre-money valuation of $90 million is more than triple the $25 million it was valued at following a $2.7 million seed round in 2024. That financing round was led by Hack VC, with participation from Wintermute Ventures and other investors. Broadly speaking, professional investors may be willing to allocate capital to market makers such as Raven because those firms serve a vital function in the prediction market ecosystem. “Without market makers, prediction markets would be illiquid, slow, and inaccurate. They enable instant trading so participants don’t have to wait to find a counterparty,” according to Gemini. “They tighten spreads over time as competition among market makers increases. And they keep contract prices honest, ensuring the price of a ‘Yes’ share genuinely reflects the market’s collective estimate of the probability.” Coinbase Ventures Adds to Prediction Market Exposure Coinbase Ventures has an expansive portfolio of largely blockchain and cryptocurrency-related investments, but the new investment in Raven adds to its prediction market exposure. Coinbase Ventures invested in Billy Bets, an autonomous artificial intelligence (AI) agent that trades sports event contracts on platforms such as Polymarket. The venture firm also has a stake in Earlybird, a prediction market that allows retail investors to “trade on the future outcomes” of privately held companies. Coinbase Ventures is also an investor in Limitless, one of the largest prediction markets that does not operate in the U.S. The post Coinbase, CMCC Invest in Prediction Market Liquidity Provider Raven at $90M Valuation appeared first on Casino.org.