Blockchain prediction markets platform Polymarket is acquiring Brahma, a crypto startup that provides decentralized finance (DeFi) infrastructure.
“As part of this transition, our team will dedicate itself to evolving Polymarket’s stack and product suite,” Brahma said in an announcement on Wednesday.
Founded in 2021, Brahma says it has processed over $1 billion in volume. Polymarket may use Brahma’s technology to reduce friction around wallet creation, deposits and token redemptions, and to bring more liquidity to niche, low-volume prediction markets.
“Building reliable infrastructure across blockchain networks and traditional financial rails is hard—there are no shortcuts,” Shayne Coplan, founder and CEO of Polymarket, told Fortune. He added that the Brahma team has shown it can design, operate and scale complex products for sophisticated users. Financial terms were not disclosed.
Brahma to wind down products
Over four years, Brahma developed three main products: Strategy Vaults for automated DeFi strategies; Brahma Accounts, smart accounts for DeFi users; and Swype.fun, a Visa card linked to DeFi positions for real-world spending. The firm said each product will be wound down over the next 30 days as the acquisition proceeds.
Polymarket has rapidly grown amid increased interest in prediction markets and has been reported to carry a $20 billion valuation. Its total value locked and trading volume have surged in recent months.
Polymarket acquisition spree continues
Polymarket has continued expanding despite a broader crypto market decline and a surge in AI interest. On March 10 the company announced a partnership with Palantir Technologies and TWG AI to build an AI-powered sports integrity platform. It also acquired Y Combinator-backed Dome in February, which provides developer tools for prediction markets, and Lunch, a boutique recruiting and team-building firm.
The platform has faced resistance globally, most recently in Argentina, over its unregulated gambling markets and controversial bets, including war-related markets.
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