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Crowd-Sourced Hedge Fund Platform Numerai Bags USD11 Million In Initial Coin Offering To Launch Erasure

BFSI News

Crowd-Sourced_Hedge-Fund-Platform-Numerai-Bags-USD11-Million-In-Initial-Coin-Offering-To-Launch-Erasure Crowd-Sourced Hedge Fund Platform Numerai Bags USD11 Million In Initial Coin Offering To Launch ErasureNumerai, a San Francisco-based crowd-sourced hedge fund startup, Numerai has bagged USD11 million in an Initial Coin Offering (ICO) to launch its project Erasure. The market prediction company transforms and regularizes financial data into Machine Learning problems for a global network of data scientists. Founded in 2015, its Numeraire network, which introduced in late 2016, offers a Blockchain and Cryptographic token-based ecosystem for incentivizing unidentified data scientists to create predictive models. Powered by Ethereum (ETH) Blockchain, Numeraire tokens are utilized in trading market predictions on the startup’s platform.

The Founder of Numerai, Richard Craib stated that the funds from the recent ICO will be mostly spent on hiring engineers for Erasure, the decentralized unit of Numerai’s marketplace. According to the reports, the company’s Erasure, announced in last October, is scheduled to launch later this year. Craib pointed that Erasure will enable users to sell their predictions to any investment fund in the public network through the peer-to-peer InterPlanetary File System (IPFS), and directly link their Crypto wallets to the Ethereum-based marketplace. He further explained that while Numerai-based prediction models are mostly focused on traditional assets at the current stage, the launch of Erasure will enable predictions on any asset.

As per the reports, the ICO round was led by VC and private equity firm Placeholder, and Crypto investment company Paradigm, which was founded by Coinbase Co-founder Fred Ehrsam. As part of the news, the Nomeraire token is exposed to traders on five crypto markets, including Bittrex, UPbit, DDEX, and IDEX, and has a market capitalization of USD 7.7 million.