Coinbase Ventures, CMCC Global fund Raven at $90M valuation
by@CNBC
Summary
Coinbase Ventures and CMCC Global have successfully closed a strategic funding round with Raven, a trading firm, at a pre-money valuation of $90 million. Founded in 2023, Raven provides liquidity in cryptocurrency trading and has recently expanded into prediction markets, an area that Coinbase has also entered through its trading app to enhance user access. Raven acts as an institutional market-maker, creating constant buy and sell orders for prediction market contracts, which helps traders efficiently enter and exit positions. CMCC Global's co-founder has joined Raven's board to assist in its growth strategy among institutions.
Analysis
Raven: Raven is a trading firm that provides liquidity across crypto markets on both centralized and decentralized venues. It has expanded its operations to include serving as an institutional market-maker for prediction markets on platforms such as Kalshi and Polymarket. The company received strategic funding from Coinbase Ventures and CMCC Global to scale its business and liquidity services. CMCC Global: CMCC Global is a Hong Kong-based investment firm specializing in blockchain technology. It targets opportunities in the crypto and digital asset space to back promising companies. The firm led or co-led the recent strategic investment in Raven, with its co-founder Charlie Morris joining Raven's board to guide institutional expansion. Petar Kostov: Petar Kostov is the cofounder of Raven, the crypto trading and prediction market liquidity firm. He has highlighted challenges in securing liquidity partners for trading venues and described Raven's approach to advising on market design and providing ongoing liquidity support. Kostov confirmed Raven's expansion into prediction markets and its multi-faceted role in the ecosystem. Charlie Morris: Charlie Morris is the co-founder of CMCC Global, the Hong Kong-based blockchain-focused investor. He participated in the strategic funding round for Raven and has joined the firm's board of directors. Morris will collaborate with Raven's management team to drive institutional growth and business expansion. Coinbase Ventures: Coinbase Ventures serves as the dedicated investment arm of the Coinbase crypto platform. It focuses on backing innovative blockchain and crypto-related projects and companies. In this news, it participated in a strategic funding round for Raven to support the trading firm's growth in liquidity provision and prediction markets. Board Expansion: CMCC Global's involvement includes placing its co-founder on Raven's board to support strategic growth among institutions. Prediction Markets: Coinbase introduced prediction markets directly in its trading app to broaden access for users. Liquidity Provision: Raven acts as an institutional market-maker by generating constant buy and sell orders on prediction market contracts to enable traders to enter and exit positions efficiently.
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