Gate News, March 18 — Prediction market platform Polymarket announced the acquisition of startup Brahma, which focuses on cryptocurrency and decentralized finance (DeFi) infrastructure. The specific transaction amount was not disclosed. Brahma was co-founded in 2021 by Alessandro Tenconi, Akanshu Jain, and Bapi Reddy Karri. It primarily provides DeFi infrastructure services for enterprises and individuals, handling over $1 billion in transactions to date. After joining Polymarket, Brahma will terminate existing projects with other partners. The acquisition aims to improve user experience by simplifying wallet creation, asset deposits and conversions, and result token exchanges. It is also expected to leverage Brahma’s experience in DeFi to bring more liquidity to niche contract sectors. Polymarket CEO Shayne Coplan stated that the Brahma team has the capability to design, operate, and scale complex products. Currently, Polymarket is valued at approximately $20 billion. Unlike major competitors that rely mainly on fiat systems, Polymarket has operated on a blockchain-based architecture since its inception.
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