Blockchain predictive markets platform Polymarket is acquiring Brahma, a cryptocurrency startup providing decentralized finance (DeFi) infrastructure.
“As part of this transition, our team will dedicate itself to the development of the Polymarket product suite and product suite,” Brahma w said announcement on Wednesday.
Brahma, founded in 2021, claims to have processed over $1 billion and can be used by Polymarket to reduce friction around wallet creation, deposits and token exchanges.
The acquisition may also provide greater liquidity to Polymarket’s low-volume forecasting niche markets.
“Building reliable infrastructure on blockchain networks and traditional financial rails is difficult – there are no shortcuts” – Shayne Coplan, founder and CEO of Polymarket, he said Fortune.
He added that Brahma’s team has demonstrated its ability to design, operate and scale convoluted products for sophisticated users. Financial details of the acquisition were not disclosed at the time.
Brahma to mute products
In its four years of operation, Brahma has developed three main products: Strategy Vaults for automated DeFi strategies; Brahma Accounts, clever accounts for DeFi users; and Swype.fun, a Visa card connected to DeFi positions for real-world spending.
The company stated that each product would be shut down within the next 30 days as the acquisition progresses.
Related: Prediction markets experience a betting boom in Iran following Congress’ ban
Due to the rapid growth of prediction markets, Polymarket quickly achieved a valuation of $20 billion.
Polymarket’s takeover spree continues
Polymarket continues to invest in expansion despite a broader decline in the cryptocurrency market and increased interest in artificial intelligence.
Business announced On March 10, it partnered with Palantir Technologies and TWG AI to develop an AI-powered sports integrity platform.
In February, it also acquired Y Combinator-backed startup Dome, which provides software tools for forecasting markets, and Lunch, a boutique firm specializing in recruiting and assembling teams for technology startups.
However, the platform has faced resistance around the world, most recently in Argentina, over unregulated gambling and war betting markets.
Warehouse: Metaplanet Bet on Japan Bitcoin, Bithumb Ordered Suspension: Asia Express
