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 cryptographical token-based system for incentivizing anonymous data scientists to form predictive models. supported the Ethereum (ETH) blockchain, Numeraire tokens are employed in commerce market predictions on the startup’s platform.

Numerai founder Richard Craib said that the funds from the recent ICO are going to be largely spent on hiring engineers for Erasure, the decentralized unit of Numerai’s marketplace, Coindesk reports.

Announced in Oct 2018,Erasure is reportedly regular to launch later in 2019. Once launched, Erasure can permit users to sell their predictions to any investment fund within 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 largely targeted on ancient assets at this stage, the launch of Erasure can change predictions on any asset, Craib added.

The ICO spherical was reportedly led by VC and private equity firm Placeholder, and crypto investment firm Paradigm, based by Coinbase co-founder Fred Ehrsam.

Following the news, the worth of the Nomeraire token jumped almost 19 %, trading at $5.77 at press time, as per data from TopMarketCap. The token is exposed to traders on 5 crypto markets: Bittrex, UPbit, Poloniex, DDEX, and IDEX, and features a market capitalization of $7.7 million.

Recently, Binance launchpad, the token platform of major international crypto exchange Binance, completed a $4 million sale of Celer Network (CELR) tokens in below 20 minutes.

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