Polymarket has acquired the crypto payments startup Brahma, according to a report from Fortune on Wednesday.
The deal’s value was not disclosed, but Polymarket said the move is expected to improve the prediction platform’s user experience, per the report.
For one, Brahma could help bolster liquidity for lower-profile bets on Polymarket that do not attract the larger pools of capital seen in major sporting events or elections.
“Smaller wagers focused on niche areas such as, for instance, the outcome of a bowling match in Spain, struggle to amass a sizable amount of liquidity,” Fortune wrote. “Brahma’s experience in DeFi, a decentralized field of crypto defined by rapid trading and users with a high capacity for risk, could help draw in additional capital to more thinly traded contracts.”
Thin or limited liquidity can act as a hidden tax, eroding returns through slippage on both entry and exit. What users can wager on using Polymarket is nearly limitless; however, most volume is concentrated around high-profile events like 2024’s presidential election or championship sporting contests.
Earlier this month, The Wall Street Journal reported Polymarket is seeking to raise additional capital at a $20 billion valuation.
Brahma co-founder Alessandro Tenconi told Fortune his startup could remove friction felt by Polymarket users when “creating a wallet, depositing and converting shares, and redeeming outcome tokens.”
Tenconi’s startup was founded in 2021 and has “processed more than $1 billion in transactions,” according to the report.
Last year, Euler Labs partnered with Brahma on a new credit card called Swype.fun, which was meant to enable users to make “real-world payments with crypto without selling” their crypto holdings.
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