Prediction Startup Numerai Raises $11 Million in ICO
Introduced in late 2016, Numeraire network provides a blockchain and cryptographic token-based ecosystem for incentivizing anonymous data scientists to create predictive models. Based on the Ethereum (ETH) blockchain, Numeraire tokens are used in trading market predictions on the startup’s platform.
Numerai founder Richard Craib said that the funds from the recent ICO will be mostly spent on hiring engineers for Erasure, the decentralized unit of Numerai’s marketplace, Coindesk reports.
Announced in October 2018,Erasure is reportedly scheduled to launch later in 2019. Once launched, Erasure will allow users to sell their predictions to any investment fund in the public network via the peer-to-peer InterPlanetary File System (IPFS), and directly connect their crypto wallets to the Ethereum-based marketplace, Craib told Coindesk.
While Numerai-based prediction models are mostly focused on traditional assets at the current stage, the launch of Erasure will enable predictions on any asset, Craib added.
The ICO round was reportedly led by VC and private equity firm Placeholder, and crypto investment company Paradigm, founded by Coinbase co-founder Fred Ehrsam.
Following the news, the price of the Nomeraire token jumped almost 19 percent, trading at $5.77 at press time, according to data from CoinMarketCap. The token is exposed to traders on five crypto markets: Bittrex, UPbit, Poloniex, DDEX, and IDEX, and has a market capitalization of $7.7 million.
You may be interested
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 29 – CointelegraphEditor - April 29, 2019
[ad_1] Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 29 CointelegraphPrice Analysis. The views…
(BTC) Bitcoin Price Prediction 2019 / 2020 / 5 years (Updated 04/29/2019): BTC/USD Rises From Support – BeInCryptoEditor - April 29, 2019
[ad_1] (BTC) Bitcoin Price Prediction 2019 / 2020 / 5 years (Updated 04/29/2019): BTC/USD Rises From Support BeInCryptoHow will Bitcoin (BTC)…
Litecoin (LTC) price analysis: LTC/USD hovers below $70.00, more sell-off is possible – FXStreetEditor - April 29, 2019
[ad_1] Litecoin (LTC) price analysis: LTC/USD hovers below $70.00, more sell-off is possible FXStreetLitecoin (LTC) peaked at $99.47 on April 3…