What Raven does

Raven is a proprietary high-frequency algorithmic trading firm that provides institutional-grade liquidity and market-making services across crypto, prediction markets, and traditional finance venues. The firm operates with its own capital, bearing full market and inventory risk, and serves three core customer segments: crypto exchanges (both centralized and decentralized), token projects and issuers, and prediction market venues. Raven's offering is organized into three interconnected service pillars — Exchange Liquidity (CeFi Venues, DeFi Venues, and Prediction Markets), Token Liquidity (Liquidity Provision, Venue Coverage, and TGE Market Making), and Flagship Programs (Exchange Launches, New Market Categories, and Prediction Market Launches).

The firm is built on a proprietary low-latency, high-throughput HFT execution infrastructure that enables continuous two-sided quoting, spread management, and rapid response to market conditions. Raven is operationally live on 20+ venues including tier-1 centralized exchanges (Binance, Coinbase, Bitget, OKX, Crypto.com, KuCoin, Gemini, Gate.io), decentralized venues (Hyperliquid, on-chain orderbooks and AMMs), and prediction market platforms (Polymarket, Kalshi). The platform supports both centralized exchange connectivity and on-chain execution including RFQ systems and AMM liquidity provision.

Raven's business model is fundamentally a proprietary trading operation supplemented by commercial market-making arrangements with token issuers and exchanges. Revenue is generated from trading P&L (spreads, inventory gains, arbitrage) on the firm's own capital rather than from management fees, with commercial deals structured as bespoke liquidity programs with transparent economics. The firm pursues a direct B2B enterprise sales motion targeting institutional and professional counterparties only. The company operates through Raven Trading Limited as its primary legal entity, with Raven Bulgaria EOOD as a Bulgaria-based subsidiary, and is headquartered in Sofia, Bulgaria. Raven completed a $2.7M seed round in May 2024 led by Hack VC at a $25M post-money valuation, with Wintermute Ventures and angel investors participating.

Name

Raven

Legal name

Raven Trading Limited

Website

https://ravendao.net

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Raven is a proprietary high-frequency algorithmic trading firm providing institutional-grade liquidity and market-making across crypto exchanges, DeFi venues, prediction markets, and token launches. The firm trades with its own capital on 20+ major venues globally including Binance, Coinbase, OKX, Polymarket, and Hyperliquid.

Ownership category

akta.pro rank

Product category

Algorithmic Trading & Market Making

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Market Making & Liquidity Provision (FSADAJAC)

Keywords

• Algorithmic trading services
• Liquidity provision
• Market making
• High-frequency trading
• Crypto trading

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Proprietary Trading: Raven trades solely with its own capital, bearing full market, liquidity, and inventory risk. The company retains full discretion over its trading strategies, pricing, order placement, venue selection, and execution. Any liquidity benefits to exchanges or projects are by-products of Raven's proprietary trading activities.
2. Market Making Services: Commercial liquidity provision arrangements with token issuers and exchanges, where liquidity profiles frame Raven's independent trading decisions. Raven does not act on behalf of third parties or take custody of virtual assets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Raven is a proprietary high-frequency algorithmic trading firm that provides continuous two-sided liquidity and market making across centralized crypto exchanges (CeFi), decentralized finance venues (DeFi), prediction markets, and traditional finance platforms. The firm trades exclusively with its own capital and offers bespoke liquidity programs, TGE market making, and anchor market-maker services for token issuers, exchanges, and event-contract venues globally.

Product overview

Raven is a proprietary trading firm providing a unified platform for institutional-grade algorithmic trading and liquidity provision across crypto, prediction markets, and traditional finance venues. The offering encompasses three interconnected service pillars: Exchange Liquidity (covering CeFi Venues, DeFi Venues, and Prediction Markets), Token Liquidity (Liquidity Provision, Venue Coverage, and TGE Market Making), and Flagship Programs (Exchange Launches, New Market Categories, and Prediction Market Launches). Raven operates as a next-generation algorithmic high-frequency trading firm utilizing cutting-edge low-latency and high-throughput technologies to provide continuous two-sided quoting, spread management, and market stability across major exchanges including Binance, Coinbase, Bitget, OKX, Hyperliquid, Polymarket, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• CeFi Venue Liquidity Provision Continuous two-sided quoting and sophisticated spread management across major centralized crypto exchanges (Binance, Coinbase, Bitget, OKX, KuCoin, Crypto.com, Gemini, Gate.io, and others), providing institutional-grade market making for CeFi venues.
• DeFi Venue Liquidity Provision Automated strategies for on-chain orderbooks, RFQ systems, and AMMs across decentralized finance venues including Hyperliquid, Derive, GRVT, Bluefin, and Hibachi, providing liquidity across multiple asset classes.
• Prediction Market Market Making Continuous systematic quoting, market making, and risk management for event-contract prediction market venues including Polymarket and Kalshi, providing institutional liquidity for event-driven instruments.
• Token Liquidity Provision Bespoke liquidity programs designed for token issuers with transparent economics, providing continuous market making across primary CeFi and DeFi venues for individual token projects.
• Venue Coverage Service Market making coverage spanning both centralized and decentralized exchange venues, providing coordinated, multi-venue liquidity for token issuers that require cross-venue execution.
• TGE Market Making Price discovery and order book depth from listing day across primary CeFi and DeFi venues, specifically designed for token generation events and new token listings.
• Exchange Launch Program Anchor and design liquidity for new exchange venues from day zero, acting as lead market maker for novel exchange products and market types from inception.
• New Market Category Market Making Lead market-maker service for novel products and market types, supporting the development of emerging asset categories by providing institutional-grade liquidity from launch.
• Prediction Market Launch Program Dedicated partner service for event-contract venue launches, providing institutional liquidity and systematic strategy for new prediction market platforms entering the market.

Quantifiable outcome

• Enhanced market stability and efficiency in digital markets

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wintermute: One of the largest crypto market makers globally, providing liquidity across CeFi and DeFi venues. Directly comparable as a direct competitor in the same market making category and is also an investor in Raven.
• GSR Markets: Leading crypto market maker and liquidity provider across centralized and decentralized venues. Comparable in offering CeFi/DeFi liquidity, token launch support, and OTC services to institutional clients.
• Jump Crypto: Quantitative trading and market making arm of Jump Trading, active across crypto spot and derivatives. Comparable in deploying HFT infrastructure for institutional liquidity across major venues.
• Amber Group: Crypto-native financial services firm providing market making, asset management, and lending services globally. Comparable in offering institutional-grade liquidity across CeFi and DeFi venues.
• Keyrock: Digital asset market maker focused on CeFi and DeFi liquidity provision for token issuers and exchanges. Comparable as a direct competitor in token launch liquidity programs and exchange market making.
• DWF Labs: Crypto-native market maker and investor providing liquidity across centralized exchanges and DeFi venues. Comparable in offering bespoke liquidity programs for token issuers and exchanges globally.
• Auros Global: Quantitative crypto market making and trading firm operating across CeFi and DeFi venues. Comparable as a peer in deploying HFT strategies for token liquidity and venue coverage.

Broad incumbents

• Flow Traders: Publicly traded global liquidity provider with deep HFT capabilities across digital assets and traditional markets. Comparable as a multi-asset market maker providing continuous two-sided quoting across exchanges.
• Galaxy Digital: Publicly listed crypto financial services firm with significant market making operations alongside trading, asset management, and investment banking. Comparable in providing institutional market making across major venues.
• Cumberland (DRW): DRW's crypto trading arm providing institutional liquidity across major exchanges and OTC. Comparable as a large incumbent providing continuous two-sided liquidity in digital assets for professional market participants.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ravendao
• Xx.com/defi_raven

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raven