Coinbase Pro Adds Numeraire (NMR), a Hedge-Fund that Crowdsources Predictive Trading Algorithms and Holds Regular Competitions to Reward Data Scientists

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Numeraire (NMR) is a hedge-fund that crowdsources predictive-trading algorithms while holding weekly competitions.

As explained by Gemini, Numeraire aims to redefine prediction-model-building by carrying out weekly tournaments that reward data scientists for creating “high-performing” trading models. Data scientists provide prediction models developed on top of a data set that’s shared with all participants. They are compensated based on how accurate the model can be, and the amount of Numeraire tokens (NMR) they’ve staked during tournaments.

On August 17, NMR entered transfer-only mode on Coinbase. Inbound transfers for NMR are currently available in the US-based crypto exchange’s supported jurisdictions, except for New York State, due to regulatory restrictions.

Digital asset traders may not place orders and no orders will be filled, Coinbase noted on August 17, 2020. The exchange confirmed that order books will remain in transfer-only mode “at minimum until Tuesday, 6/23 9 am PT (US business hours).”

Coinbase notes that one of the most common requests it receives from traders is to have more options when trading cryptocurrencies via the exchange. The San Francisco based Fintech firm says that it plans to list at least 90% of all crypto-assets, at some point in the future, but they must first meet its listing requirements.

Coinbase recently added Band (BAND), Compound (COMP), Maker (MKR) and OmiseGo (OMG). It also began supporting additional order books for European and UK markets.

The crypto trading platform said that once “sufficient supply” of NMR has been established on the exchange, then trading on its NMR-USD, NMR-BTC, NMR-EUR and NMR-GBP order books will be introduced in four different stages: transfer-only, post-only, limit-only and full trading. But if one of the new order books is unable to meet the exchange’s assessment for “a healthy and orderly market,” then it might keep the book in one state for “a longer period of time or suspend trading as per our Trading Rules.”

On August 18, Coinbase confirmed that its NMR-GBP, NMR-EUR, NMR-BTC order book has entered limit-only mode. (For the latest on these trading opportunities, check out the official Coinbase Pro Twitter account).

The Coinbase team clarified that NMR trading is avahilable on Coinbase Pro (the platform for professional traders) and not Coinbase.com which is for retail customers.

The exchange has announced several important updates recently. It’s planning to let certain US based customers borrow cash using Bitcoin (BTC). Coinbase is now among at least 67 Fintech Unicorns operating globally, with North America leading the way.