Web3 Payments startup Nume Crypto raises $2 million from Sequoia Capital India
moneycontrol.comNume Crypto has raised $2 million in a pre-seed funding round led by Sequoia Capital India, the web3 payments startup said on June 14.
The round also saw participation from BEENEXT, Whiteboard Capital and several angel investors, including Jaynti Kanani, co-founder of Polygon, Balaji Srinivasan, former CTO of Coinbase, Gabby Dizon, co-founder of Yield Guild Games (YGG), Sanat Rao, General Partner at BlockTower Capital.
Founded by sisters Madhumitha and Niveda Harishankar, Nume Crypto plans to build a near zero-cost payment gateway to process cryptocurrency payments powered by their Layer-2 scaling platform, which will be built on Ethereum.
The platform aims to eliminate “gas fees”, which has become a major problem. Gas fees refers to the fee required to conduct a transaction on the blockchain. To begin with, the platform will support bitcoin, ethereum and stable coins.
The fresh funds will be used to build the product, find product market fit and onboard clientele. Speaking to Moneycontrol, Harishankar sisters said they would pilot the product for the next few months before launching it.
The platform will offer two products- NumePay and NumePay Business.
NumePay will be a non-custodial wallet that will allow retail consumers to deposit their crypto and start shopping with businesses that integrate with NumePay.
NumePay Business will enable businesses to start offering cryptocurrency payment options to their customers at 1 percent per transaction.
The startup will be first aim for the US market and then move to other “crypto- friendly” jurisdictions such as Singapore, Indonesia and other Asian markets.
“Nume is aiming to make good on the original promise of cryptocurrency, which was to make it accessible for the masses as a
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