TechFlow News, March 18: According to Fortune, prediction market platform Polymarket announced the acquisition of Brahma, a startup focused on cryptocurrency and decentralized finance (DeFi) infrastructure. The 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 to enterprises and individuals, having processed over $1 billion in transactions to date. Following its integration into Polymarket, Brahma will terminate all existing projects with other partners.
This acquisition aims to enhance user experience—including simplifying wallet creation, asset deposits and conversions, and payout token redemption—while also leveraging Brahma’s DeFi expertise to inject additional liquidity into niche-market contracts.
Shayne Coplan, CEO of Polymarket, stated that the Brahma team possesses strong capabilities in designing, operating, and scaling complex products. Polymarket’s current valuation is reportedly $20 billion. Unlike its main competitor Kalshi—which relies primarily on fiat-based infrastructure—Polymarket has operated exclusively on blockchain architecture since its inception.
