The Numeraire token (NMR), 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 offering $50 million to quants and researchers in exchange for trading signals.
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 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 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 for now it will continue using the NMR token.
