- Nume Crypto secures a $ 2 million pre-seed funding for its crypto adoption scheme
- The startup has developed a new network called Nume Protocol that will support crypto payments at an almost zero cost.
- The crowd funding process was initiated by Sequoia Capital
The US-based startup, Nume Crypto, secures a $ 2 million pre-seed funding for its crypto adoption technology.
The startup company aims to build crypto payment processors for businesses and for retail customers.
The crowd funding process was initiated by Sequoia Capital India and joint partners like Whiteboard Capital.
Other participants include former Coinbase CTO Balaji Srinivasan, Google Tech Engineer Arun Samudrala and Sanat Rao from BlockTower Capital.
The Team behind the Idea
The team together with Polygon Co-Founder Jaynti Kanani were some of the angel investors in the project. Nume crypto was founded by Niveda and Madhumitha Harishankar in 2021. The two sisters created the company to boost the use of cryptocurrencies in payments.
Before founding the startup, Niveda worked as a UX Designer at Amazon in the Alexa-Cortana integration project. She also designed new features for the Amazon Kindle, an E-Book web application.
As for Madhumitha, doctoral studies at Carnegie Mellon University and a software engineering job at Amazon Web Services made her career. According to the duo, low transaction capacity and high transaction costs limit the overall adoption of crypto.
Niveda claims that Nume’s solution is a payment protocol that has a low cost of transactions. This will enable low-cost crypto transactions for consumers and traders. The sisters believe that Nume will enable the mass adoption of crypto payments.
Nume Crypto is currently building its payment processor for retail users and businesses. NumePay will cater to retail users while NumePay Business will serve the business community. Businesses will be able to offer crypto payment options to customers at 1% per transaction.
Will Crypto Payments Boost Crypto Adoption?
The startup has developed a new network called Nume Protocol that will support crypto payments at an almost zero cost. The new scaling network will support ERC-20 tokens and Ether (ETH) payments.
The duo has also participated in the Sequioa Park through a one-year fellowship program. The program combines mentorship and capital acquisition for women-led startups in Southeast Asia and India.
After acquiring equity capital for the company, Nume Crypto seeks to launch its payments platform in the last quarter of the financial year. Nume currently hosts seven members of its working force after its incorporation in November 2021.
Despite being a US-based startup, Nume manages to cater to its users in India and Bangalore. Niveda says that if access to crypto can be made simple irrespective of a person’s financial literacy, then its adoption is guaranteed.
Simplifying the access will render people to credit acquisition, services and products using crypto payment options. Nume Crypto brings reliability and scalability framework to financial transactions on the back of Blockchain technology.
Madhumitha said that she is passionate about building Nume Crypto to lower the barrier to crypto adoption. She believes that this will completely disrupt the economics of scale and provide better payment options to users.
