According to Fortune, River Markets announced Tuesday that it completed an $8.5 million seed round in July to build prediction market trading tools for institutions. Haun Ventures led the round, with Y Combinator and Coinbase Ventures participating. Other investors include Qube Research Technologies, along with angel investors from Google, Nvidia, Novig, JPMorgan and Citadel. The founder declined to disclose the company's valuation at the time of the round. The founder said that serving institutional demand for prediction markets at scale requires technology that allows institutions to trade across platforms and handle larger order sizes. Since launching in May, River Markets has provided institutions with software, data connections and risk management tools. Its algorithms aim to reduce the market impact of large trades. The company expects the platform's annualized trading volume to exceed several hundred million dollars by the end of the year.
River Markets announced Tuesday that it has closed an $8.5 million seed round in July, according to Fortune. The round was led by Haun Ventures, with participation from Y Combinator and Coinbase Ventures.
Other backers include Qube Research Technologies and angel investors from Google, Nvidia, Novig, JPMorgan and Citadel. The founder declined to disclose the valuation at which the round was raised.
The founder said that serving institutional demand for prediction markets at scale requires technology that lets institutions trade across platforms and handle larger order sizes.
Since launching in May, River Markets has been providing institutions with software, data connections and risk management tools. Its algorithms are designed to reduce the market impact of large trades. The company expects the platform's annualized trading volume to exceed several hundred million dollars by the end of the year.
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