Raven raises at a $90 million pre-money valuation from CMCC Global and Coinbase Ventures to become the one-stop shop for prediction markets
The HFT firm, already a market maker across major centralised and decentralised exchanges, is taking its prediction markets liquidity business further.
Prediction markets are growing faster than the infrastructure beneath them. The sector cleared roughly $30 billion in volume in April 2026 and passed $50 billion in a single month around the World Cup, against roughly $44 billion for the whole of 2025. Yet new venues and markets keep launching, and every one of them needs liquidity from its first day to work.
Venues with little volume often struggle to find a liquidity partner at all. Venues with a lot of volume struggle to find enough liquidity to keep up. That is where Raven comes in. The proprietary trading firm provides the liquidity and the support that venues and markets need to launch and grow, and it has raised new capital to do it at scale.
Founded by CEO Petar Kostov and CTO Yuriy Myronovych, Raven announced publicly today that it has closed a strategic round from CMCC Global and Coinbase Ventures at a $90 million pre-money valuation. Existing backers Hack VC and Wintermute Ventures invested in the firm’s seed round in 2024.
“Retail brought the first wave of volume to prediction markets. Institutions are bringing the second. Both need reliable liquidity across a lot of venues and a lot of contracts, and that’s what we build at Raven,” said Petar Kostov, CEO of Raven.
Raven is building to be the one-stop shop for that market: event-contract liquidity provision, the launch and bootstrapping of new exchanges and brokerages from day zero, and ongoing support for their product, tech, community, and ecosystem initiatives.
The firm trades algorithmically around the clock across the US, APAC, and the EEA, and now covers more than 10 prediction-market venues. They include Kalshi and Polymarket, where Raven quotes alongside other professional market makers, and many of the venues that followed them to market with Raven’s support.
In total, Raven has quoted more than 3,000 contracts across virtually all contract categories, including politics, crypto, macro, sports, commodities, entertainment, and weather.
Prediction markets are still emerging, and many of the companies building in the space are very early. A crypto startup can already draw on a lot of industry know-how and resources to get through its launch. In prediction markets, most of that support does not exist yet, so Raven’s work with a venue starts weeks before it goes live.
“We work directly with the venue’s engineering team, from drafting the API specifications to writing the SDKs,” said Yuriy Myronovych, CTO of Raven. “We share feedback at every stage, so that when other liquidity providers onboard later, the process is as frictionless for them as possible.”
Raven also advises on market design, including which categories and markets to list first, based on where early demand is likely to come from and which markets can be priced with confidence. On launch day, it provides the opening liquidity. From there, it extends coverage to new categories and listings as they go live, and gives the venue’s team regular feedback on market quality.
“The most important part of the job comes after launch,” Kostov said. “A liquidity partner’s main role is to stay in the book and keep supporting the venue when things go wrong, including in a crisis such as a hack. As long as the exchange is running, we stay in the book.”
Kostov and Myronovych were previously at Wintermute, one of crypto’s largest market makers, where Myronovych built and led the DeFi desk. They founded Raven in 2023, and the firm entered prediction markets in the second quarter of 2025. It spent the first months on research and integration, then scaled up in the fourth quarter, when its first venue launch partnerships went live.
Raven is actively hiring across engineering and trading, including quantitative traders for crypto and sports prediction markets. Open roles, based in Milan and Sofia, are listed at raven-trading.com/careers.
ABOUT RAVEN
Raven is a proprietary trading firm providing market-making and liquidity across centralised exchanges, decentralised exchanges, and prediction markets. Raven is active across all sides of the space: from providing launch liquidity to new exchanges and tokens to quoting spot and perpetual pairs. It also works with venue teams on architecture and community.
Raven was founded in 2023 by CEO Petar Kostov and CTO Yuriy Myronovych, both formerly of Wintermute, and operates from Milan and Sofia. It is backed by CMCC Global, Coinbase Ventures, Hack VC, and Wintermute Ventures. More at raven-trading.com.
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