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Prediction Startup Numerai Raises $11 Million in ICO | | Cryptocurrency news. Breaking news on cryptocurrency.
U.S. prediction market startup and hedge fund Numerai raised $11 million in an ICO to launch its Erasure project. American prediction market startup and hedge fund Numerai (NMR) has raised $11 million in an initial coin offering (ICO) to launch its project Erasure, Numerai tweeted on March 21.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