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, 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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