JPMorgan Announces $500 Million Investment in the Company Behind This Little-Known Altcoin Listed on Binance – Price Skyrockets

San Francisco-based Numerai LLC announced it has received an investment commitment of up to $500 million from the asset management arm of JPMorgan Chase & Co., to be deployed over the next year. This development has the potential to double the hedge fund's current size, which currently manages approximately $450 million. Founded in 2019, Numerai builds its investment strategies using trading ideas provided by freelance financial experts. These experts are rewarded with the firm's native cryptocurrency, Numeraire (NMR), which they use to demonstrate confidence in their predictions. Chart showing the rise in NMR price. Related News: What is the Status of the Altcoin Season? How Far Away is the Critical Threshold that Needs to be Crossed? Here are the Tokens that are Performing Better than Bitcoin JPMorgan's interest in Numerai increased after it achieved a 25% return in 2024 and 15 consecutive months of positive performance. After a 17% loss in 2023, the fund updated its strategy to include a system that quickly exits unsuccessful trades. “People usually want to see a track record,” said Numerai founder Richard Craib. “If you're doing something unusual like we are, that interest comes even later.” Craib compares Numerai to multi-strategy hedge funds like Millennium Management, but says the key difference is cost efficiency. *This is not investment advice. Continue Reading: JPMorgan Announces $500 Million Investment in the Company Behind This Little-Known Altcoin Listed on Binance – Price Skyrockets