Polymarket acquires Brahman to push DeFi infrastructure
Blockchain prediction markets platform Polymarket is acquiring crypto startup Brahma that provides decentralized finance (DeFi) infrastructure.
“As part of this transition, our team is committed to improving Polymarket's stack and product portfolio,” Brahma said in an announcement on Wednesday.
In the year Founded in 2021, Brahma has raised more than $1 billion in volume and said it could reduce friction around wallet creation, deposits and token redemptions used by Polymarket.
The acquisition could bring more liquidity to the small-cap prediction markets on Polymarket.
“Building a secure infrastructure on blockchain networks and traditional financial rails is hard — there are no shortcuts,” Polymarket founder and CEO Shane Coplan told Fortune.
The Brahma Group also claims to design, manufacture and scale complex products for sophisticated users. Financial details of the acquisition were not disclosed at the time.
Brahma to destroy products
In its four years of operation, Brahma has developed three major products: Strategy Vault Automated Defy Strategies; Brahma Accounts, smart accounts for DeFi users, and Swype.fun, a Visa card connected to DeFi locations for real-world spending.
The company says every product will be affected over the next 30 days.
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Polymarket quickly grew to a $20 billion valuation amid the rapid growth of speculative markets.
The acquisition of Polymarket continues.
Polymarket continues to invest in expansion despite the broader crypto market downturn and rising interest in AI.
The company announced on March 10 that it has partnered with Palantir Technologies and TWG AI to develop an AI-powered sports loyalty platform.
It also acquired Y Combinator-backed startup Dom in February, a boutique company that specializes in technology startups by providing developer tools and Lunch, team recruiting and assembly for evaluation markets.
However, the platform has faced opposition around the world, most recently in Argentina, over its unregulated gambling market and war betting.
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