Prediction market platform Polymarket announced on Wednesday the acquisition of financial infrastructure company Brahma, which builds real-time execution and settlement systems for high-volume digital asset and fintech transactions.
“[Brahma has] Rapidly becoming an industry leader in building and developing programmable systems across blockchain systems, trade execution and payments,” Polymarket said in an emailed press release.
“Building reliable infrastructure on blockchain networks and traditional financial rails is very difficult and there are no shortcuts,” said Shayne Coplan, CEO and founder of Polymarket.
“The Brahma team has proven that they can design, operate and scale complex products for experienced users,” he added. “As Polymarket grows, we intentionally add teams that have solved difficult problems and can execute at a very high level.”
A Polymarket spokesperson told CoinDesk that terms of the agreement have not been disclosed.
Brahma also issued a statement on Wednesday saying that Polymarket acquired its DeFi infrastructure, bringing its team and technology to the prediction market company while looking to expand its infrastructure suite.
“With this acquisition, our team and technology will continue to exist to help expand Polymarket and its ecosystem. Our cryptocurrency-focused mission continues,” the Brahma team said in a post on X.
The acquisition brings Brahma’s team and technology to Polymarket, where they will focus on expanding the platform’s infrastructure and product suite. It also seems designed to improve
Earlier this month, reports surfaced that Polymarket was discussing a potential funding round that could double its valuation to about $20 billion by 2025. Discussions are still in the early stages and may not lead to a final investment.
Prediction markets allow users to trade contracts related to real-world events, including sports, politics, and elections. Traders buy and sell contracts based on expected outcomes. The industry has grown significantly with companies like Coinbase and Robinhood entering the space.
Brahma said the company has processed more than $1 billion in transaction volume, with more than $100 million in total value locked. The company also said that all of its products, including Brahma Accounts, Agents and Swype.fun, will be phased out within 30 days. Users have been instructed to migrate funds and positions through its website and community channels.
