Polymarket acquires DeFi infrastructure startup Brahma

According to Fortune, the prediction market platform Polymarket has announced the acquisition of the startup Brahma, which focuses on cryptocurrency and decentralized finance (DeFi) infrastructure. The specific transaction amount has not been disclosed.

Brahma was co-founded in 2021 by Alessandro Tenconi, Akanshu Jain, and Bapi Reddy Karri, primarily providing DeFi infrastructure services for businesses and individuals, having processed over $1 billion in transaction volume. After joining Polymarket, Brahma will terminate its existing projects with other partners.

The acquisition aims to optimize user experience, including streamlining processes for wallet creation, asset deposits and conversions, and result token exchanges, while also hoping to leverage Brahma's experience in the DeFi space to bring more liquidity to niche contract markets.

Polymarket CEO Shayne Coplan stated that the Brahma team has the capability to design, operate, and scale complex products. Currently, Polymarket is reportedly valued at $20 billion, and unlike its main competitor Kalshi, which primarily relies on fiat systems, Polymarket has always operated on a blockchain architecture since its inception.