Copy link
Increase text size
Decrease text size
Link copied

Numerai secures $11M from Paradigm and Placeholder via token sale

Fri, 22 Mar 2019, 03:43 am UTC

Numerai, a San Francisco-based hedge fund and predictions market startup, has raised $11 million via the sale of NMR tokens, CoinDesk reported.

The latest round, which closed this month, was led by Paradigm and Placeholder.

Speaking to CoinDesk, Numerai founder Richard Craib said that every week around 1,000 people stake Numeraire (NMR), Numerai’s own cryptographic token based on the Ethereum blockchain, to buy and sell market predictions on Numerai’s data marketplace.

He said that the latest funding will be used for making fresh hires – engineers – for the launch of Erasure. Announced in October 2018, Erasure is a new decentralized data marketplace where anybody would be able to upload predictions, stake them with cryptocurrency, build a track record that everyone can verify, and earn money. It is expected to launch this year.

Once it launches, users would be able to directly connect their cryptocurrency wallets to the ethereum-based marketplace, Craib said.

“NMR will become the staking token for Erasure, a decentralized marketplace for predictions where any individual can sell any prediction feed to any hedge fund,” Craib said in an online post last year.

By purchasing NMR tokens, Placeholder and Paradigm have made a direct investment in the Erasure protocol, not its parent company.

Explaining the reasons behind the investment, Paradigm co-founder Fred Ehrsam told CoinDesk that what caught his attention was that Numerai has an existing track record of enabling people to directly monetize data.

“Most proposals to do this are abstract and complex,” he said. “We are interested in Erasure because it is concrete (it has a first use case and customer, Numerai) and simple (the mechanism is just writing encrypted predictions to the chain with the ability to sell them).”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,421.52 (-0.41%)
  • Ethereum (ETH) $220.06 (+2.43%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $238.15 (+0.32%)
  • Bitcoin SV (BSV) $189.80 (-0.69%)
  • Bitcoin (BTC) $9,421.52 (-0.41%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft