A hedge fund focused on artificial intelligence has launched its own cryptocurrency, underscoring the growing interest in applying  Bitcoin  -like technology to the financial markets.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

The San Francisco-based hedge fund Numerai today announced that its new virtual currency, Numeraire (NMR), will be the first cryptocurrency that is mined with artificial intelligence, which effectively turns Numerai into the first hedge fund with network effects.

Numerai was founded in 2016 by the 29-year-old South African Richard Craib and has recently managed to raise funds from big investors such as Renaissance Technologies, one of the world’s biggest money managers. The fund utilizes scientists and  Machine Learning  to further expand the investment opportunities and build algorithmic models that bolster future predictions.

Craib believes that cryptocurrency solutions will have a significant effect on the future of markets. Numerai pays its staff in bitcoins for building machine learning data models.

The founder and CEO of Numerai commented: “Numeraire is a cryptocurrency for the data science citizenry of Numerai, and it makes collaboration compatible with self-interest.”

“Numeraire solves coordination between Numerai and users, giving Numerai a limitless ability to expand while giving users ability control the stock market”, added Geoffrey Bradway, ex-Google Deepmind, now VP of Engineering at Numerai.

A hedge fund focused on artificial intelligence has launched its own cryptocurrency, underscoring the growing interest in applying  Bitcoin  -like technology to the financial markets.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

The San Francisco-based hedge fund Numerai today announced that its new virtual currency, Numeraire (NMR), will be the first cryptocurrency that is mined with artificial intelligence, which effectively turns Numerai into the first hedge fund with network effects.

Numerai was founded in 2016 by the 29-year-old South African Richard Craib and has recently managed to raise funds from big investors such as Renaissance Technologies, one of the world’s biggest money managers. The fund utilizes scientists and  Machine Learning  to further expand the investment opportunities and build algorithmic models that bolster future predictions.

Craib believes that cryptocurrency solutions will have a significant effect on the future of markets. Numerai pays its staff in bitcoins for building machine learning data models.

The founder and CEO of Numerai commented: “Numeraire is a cryptocurrency for the data science citizenry of Numerai, and it makes collaboration compatible with self-interest.”

“Numeraire solves coordination between Numerai and users, giving Numerai a limitless ability to expand while giving users ability control the stock market”, added Geoffrey Bradway, ex-Google Deepmind, now VP of Engineering at Numerai.