According to Fortune, the prediction market platform Polymarket announced the acquisition of Brahma, a startup focused on cryptocurrency and decentralized finance (DeFi) infrastructure, with the specific transaction amount undisclosed. Brahma, co-founded in 2021 by Alessandro Tenconi, Akanshu Jain, and Bapi Reddy Karri, provides DeFi infrastructure services to enterprises and individuals, having processed over $1 billion in transaction volume to date. Following its integration into Polymarket, Brahma will discontinue its existing projects with other partners. The acquisition aims to enhance user experience by streamlining processes such as wallet creation, asset deposit and conversion, and result token redemption, while also leveraging Brahma’s DeFi expertise to bring greater liquidity to niche market contracts. Shayne Coplan, CEO of Polymarket, stated that the Brahma team possesses the capability to design, operate, and scale complex products. Polymarket’s current valuation is reportedly $20 billion; unlike its main competitor Kalshi, which relies primarily on fiat systems, Polymarket has operated entirely on blockchain infrastructure since its inception.
Polymarket Acquires DeFi Infrastructure Startup Brahma to Enhance User Experience
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Summary
Polymarket, a prediction market platform, has acquired DeFi infrastructure startup Brahma to enhance the user experience. Founded in 2021, Brahma has processed over $1 billion in transactions and will terminate its existing partnerships. The acquisition aims to streamline wallet creation, deposits, conversions, and token redemption. Polymarket CEO Shayne Coplan commended Brahma’s product expertise. Valued at $20 billion, Polymarket operates on blockchain technology, unlike Kalshi. This development underscores Polymarket’s effort to mitigate DeFi exploit risks by integrating secure infrastructure.
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