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Quant Fund Manager Numerai's Token Rises 9% on Report of Impressive Return
Numerai users input their trading, which are then fed to a quantitative model, and receive rewards in the form of the NMR token.
Updated May 29, 2023, 7:15 a.m. Published Mar 1, 2023, 12:26 p.m.
The Numeraire token (NMR), which is the native token of quant fund manager Numerai, has risen 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, it started offering $50 million to quants and researchers in exchange for trading signals.
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According to Bloomberg, Numerai received $100 million in inflows in 2022 and returned 20% to investors 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 who 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, according to data provided by CoinDesk Data.
Numerai founder Richard Craib told Bloomberg that when the firm secures $1 billion in assets under management it will explore paying users out in other currencies but that for now, it will continue using the NMR token.
CORRECTION (May 29, 07:19 UTC): Corrects Numerai's description in headline and story.
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