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Prediction platform Numerai raises $3 million from venture capital funds

Prediction platform Numerai raises $3 million from venture capital funds

Hedge fund-oriented market prediction platform Numerai has closed an additional $3 million round of NMR token sales, The Block reports.

Union Square Ventures, Placeholder, CoinFund, Dragonfly Capital and startup founder Richard Kreib participated in the token sale. According to the company, the funds will be used to develop a decentralized Erasure platform that will allow users to link cryptocurrency wallets directly to an Ethereum-based marketplace.

“This tokenseal gives us much more money to attract users and build up stakes, and will also allow us to expand the use of the protocol across the Internet, ” Craib said.

According to DeFi Pulse, the Erasure protocol has $2.1 million in blocked tokens. Erasure is used as the core technology on market prediction platform Erasure Quant, analyst data contests and the Erasure Bay marketplace of information. Users of all three platforms must bid in NMR tokens to publish their data. If funds are withdrawn, the published information is considered inaccurate.

Last March, Numerai raised $11 million in a private token sale led by cryptocurrency hedge funds Paradigm and Placeholder Capital. The head of the company noted that the funds were primarily used to fund Numerai’s own hedge fund, while the new $3 million will go entirely to developing Erasure.

“The fundraising is essentially a continuation of last year’s tokenseal. They will also go to Erasure, whereas that $11 million went more to the Numerai hedge fund. It’s kind of a Series B round, ” Kreib concluded.

Project Numerai previously decided to reduce the issue of Project NMR tokens from the current 21 million to 11 million.

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