Hedge fund Numerai (NMR) along with American prediction market startup has raised around 11 million dollars in an initial coin offering (ICO) and will use the fund to launch its Erasure project, Numerai posted via tweet on March 21.
The closing of $11 million investment from Paradigm and Placeholder was announced by Hedge fund Numerai. Numerai will be using the fund to develop the Erasure protocol which provides superior quality data feeds transaction.
The Initial Coin Offering (ICO) was apparently headed by VC and private equity firm Placeholder and Paradigm- the crypto investment company which was established by the co-founder of Coinbase Fred Ehrsam.
The CoinDesk has mentioned that Numerai is also thinking of growing the engineering team to launch the Erasure project.
Numerai was introduced at the end of 2016, and the network offers cryptographic and blockchain based ecosystem for motivating unidentified data scientist in order to develop predictive models. Numeraire tokens are based on the Ethereum (ETH) blockchain, and they are used in forecasting of trading markets over the platform of the startup.
The project of Erasure was reported in October 2018; the project will be launched eventually in late 2019. Once after the Erasure project is launched, the use of peer-to-peer InterPlanetary File System allows users to sell their prediction to any of the investment funds in the public network, and link their crypto wallet directly to the marketplace which is backed by Ethereum, Richard Craib informed CoinDesk.
Richard Carib is the founder of Numerai and stated that the funds that have been raised from the recent Initial Coin Offering will be primarily used to recruit engineers who will be working for the Erasure project which is the decentralized segment of Numerai’s marketplace, the report was mentioned by CoinDesk.
Numerai says that the NMR has eventually become the most used token on the Ethereum platform and it has been staked more than 39,000 times. The Erasure protocol is linked to the decentralized data marketplace of Numerai mainly for predictions and goes with the same name.
The main focus of the Numerai based prediction models are on traditional assets at the current stage, and the launch of the Erasure project will allow for predicting on any asset, Richard Craib further mentioned.
Partner at Placeholder, Joel Monegro mentioned,
” By decentralizing the revolutionary concepts at the back of Numerai, Erasure is basically transforming the investment business structure.”
“we are delighted to have been partnered with the Numeral community and to be involved in this revolution.”
Following the development news, the Numeraire token price increased by almost 19 percent and was trading at $5.77 during the press time, CoinMarketCap revealed the data. The token is available to traders on five crypto markets namely, UPbit, DDEX, Poloniex, IDEX, and Bittrex. The market capitalization of the token is of 7.7 million dollars.
Within 20 minutes, Binance Launchpad a token platform has completed the sale of Celer Network (CELR) of worth $4 million.