The Numeraire token (NMR) has risen by 8.8% after it emerged that the hedge fund behind the token had returned 20% to investors last year. Reporting by oknightcrypto.
The Numeraire token , which is the native token crypto fund manager Numerai, 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, 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 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, according to data provided byNumerai 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 for now it will continue using the NMR token.
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