Nume Crypto has raised $2 million in a pre-seed funding round led by Sequoia Capital India, the web3 payments startup said on June 14.

BEENEXT, Whiteboard Capital and several angel investors also participated in the round, including Polygon co-founder Jaynti Kanani, former Coinbase CTO Balaji Srinivasan, Yield Guild Games (YGG) co-founder Gabby Dizon, 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” that have become a major problem. Gas fees refer to the fees required to conduct transactions on the blockchain. First, the platform will support Bitcoin, Ethereum and stable coins.

The new funds will be used to build products, find market-fit products and attract customers.

The platform will offer two products – NumePay and NumePay Business.

NumePay will be a non-custodial wallet that allows retail consumers to deposit their cryptocurrency and start buying businesses that integrate with NumePay.

NumePay Business will enable businesses to start offering cryptocurrency payment options to customers at 1% per transaction.

The startup will first target the US market before moving to other “crypto-friendly” jurisdictions such as Singapore, Indonesia and other Asian markets.

Earlier in the day, Sequoia India and Sequoia Southeast Asia said they had raised $2.85 billion through a series of funds, including the Indian Venture and Growth Fund and an $850 million Southeast Asia fund targeted by VCs. The first special fund in Southeast Asia.

This year, the US venture capital firm also announced a separate $600 million crypto fund.

Sequoia has been an active investor in the crypto space since last year. Its other investments include Coinswitch, Flint and Polygon.