“Numerai’s Token Surges Almost 9% as Crypto Fund Manager Reports Impressive Returns”

Numerai users can suggest their best trading ideas and receive rewards in the form of the Numeraire token (NMR). The Numeraire token has risen nearly 8.8% to $21.64 over the past 24-hours after Bloomberg reported that the fund returned 20% to investors last year.

The Numerai hedge fund is backed by billionaire investor Paul Tudor Jones and uses crowdsourced trading ideas to generate a profit. The fund started in 2019, and in 2020 started offering $50 million in rewards to users who submit the best trading ideas.

Numerai's Token Surges Almost 9% as Crypto Fund Manager Reports Impressive Returns
Numerai’s Token Surges Almost 9% as Crypto Fund Manager Reports Impressive Returns

Numerai, a hedge fund that uses artificial intelligence to create and trade investment strategies, has seen a surge in popularity in recent months.

According to Bloomberg, the fund received $100 million in inflows in 2022, despite a market downturn that saw the value of several cryptocurrencies erode by more than 90%.

The NMR token, which is paid out to those that provide successful trading strategies, has also seen 24-hours trading volume increase by 379% as traders attempt to capitalize on its relatively low market cap of $127 million.

Numerai founder Richard Craib told Bloomberg that the firm is exploring paying users out in other currencies, but for now it will continue using the NMR token.

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