Numerai launches strategic NMR buyback program

According to BlockBeats, on July 17, Numerai announced that NMR is a fixed supply Token with a total cap of 11 million. As Numerai pays data scientists in NMR from its treasury, there are currently only about 3 million NMR left in the treasury. Once it runs out, it will not be able to continue supporting stake and rewards payments. Therefore, Numerai announced that it will buy back $1 million worth of NMR on the open market. To conduct this buyback as transparently as possible, we have communicated with the Coinbase Institutional team, who will assist in facilitating this purchase. We do not want the buyback action to disrupt the NMR market in any way, so Coinbase will place orders at the buy price or close to the buy price level. This means the buyback may take some time to complete.