BlockBeats news, on March 18, Polymarket announced the acquisition of crypto infrastructure startup Brahma to expand its crypto and DeFi infrastructure; the acquisition amount was not disclosed.
Brahma, founded in 2021, primarily provides DeFi infrastructure services to enterprises and individuals, having processed over $1 billion in transaction volume to date. Upon joining Polymarket, Brahma will terminate its existing projects with other partners.
Shayne Coplan, CEO of Polymarket, said the Brahma team has the capability to design, operate, and scale complex products. Polymarket is currently reported to be valued at $20 billion, and unlike its main competitor Kalshi, which primarily relies on a fiat-based system, Polymarket has operated entirely on a blockchain architecture since its inception.