BlockBeats News, August 11th. According to Fortune magazine, River Markets announced on Tuesday that it had completed an $8.5 million seed round in July. The round was led by Haun Ventures, with participation from Y Combinator and Coinbase Ventures. Other investors included Qube Research Technologies, as well as angel investors from Google, NVIDIA, Novig, JPMorgan Chase, and Citadel. The founder declined to disclose the company's valuation in this round of financing.

The founder of River Markets stated that in order to meet institutional demand for prediction markets at scale, there is a need for technology that allows institutions to trade across platforms and process larger orders. Since its launch in May, the company has been providing institutions with software, data connections, and risk management tools. Its algorithm is designed to reduce market price volatility resulting from large trades. The company expects that by the end of this year, the platform's annualized trading volume will exceed hundreds of millions of dollars.