Coinbase Ventures and CMCC Global back prediction market maker Raven at $90M
Coinbase Ventures and CMCC Global have closed a strategic funding round with Raven, an institutional market-maker for prediction markets. Raven generates constant buy and sell orders on prediction-market contracts. The investment values Raven at $90 million pre-money. The funding amount was not disclosed. Prediction market companies have raised $6.4 billion in total funding since 2025, according to the company or its backers.
Raven's new capital from Coinbase Ventures and CMCC Global lets it deepen liquidity on CFTC-regulated prediction market venues at the exact moment institutional traders are testing the asset class. Market makers who supply continuous two-sided quotes determine which platform wins order flow, because tight spreads attract larger position sizes. Polymarket and Kalshi both need dedicated makers for their sports and political verticals, and Raven can now compete for those slots against incumbent crypto-native desks.
The $90 million pre-money valuation signals that infrastructure bets are pricing higher than some consumer-facing platforms. CMCC Global's crypto fund pedigree and Coinbase Ventures' exchange ties give Raven preferential access to both capital and clearing relationships. Raven lands exclusive maker deals with top venues, competitors will scramble to match its balance sheet or accept wider spreads that bleed retail volume. Coinbase Ventures' own exchange ambitions in prediction markets create a potential channel conflict if Raven serves rival platforms too.
Robinhood's prediction markets strategy relies on equity partnerships rather than direct market-making infrastructure, unlike Polymarket's recent Goldman Sachs hire for institutional flow or Raven's fresh capital from Coinbase Ventures and CMCC Global.