Just now
As crypto markets evolve and their users look to cryptocurrency for payments and not simply investment, businesses are considering adapting to changing customer preferences. One survey indicated that 85% of merchants were interested in accepting cryptocurrency payments in order to reach new customers. Merchants have several options to accomplish this, including taking a “hands-on” approach with crypto adoption. However, it is the “hands-free” approach that offers significant convenience and efficiency by utilizing a third-party vendor to allow merchants to accept cryptocurrency only after it has been converted to fiat currency in real-time. This keeps operations simple by excluding cryptocurrency from the company’s accounting.
The challenge for third-party vendors offering this service is securely executing the technical aspect of such transactions, while simultaneously meeting global risk and compliance standards that merchants require. That is why Toyota Ventures is excited to announce our investment in Holyheld, a crypto payments company whose Blockchain Reconciliation and Remittance Record (BRRR) protocol aims to connect public blockchain networks with traditional payment and card networks to create a global layer of real-time payments. This protocol powers the Holyheld Web3 payments app, which allows users in 30 European countries to use cryptocurrency from non-custodial wallets for traditional fiat transactions instantly, via debit cards and SEPA (Single Euro Payments Area) transfers.
Holyheld’s platform and consumer Web3 debit card open up closed payment systems to crypto transactions by managing the secure, real-time conversion to fiat money. Notably, the experience is seamless for merchants, who can then accept crypto payments without altering their processes. Similarly, without any extra effort, crypto users can access a far greater selection of merchants that can instantly accept their crypto payments via traditional methods, like swiping or tapping a debit card or mobile device.
Founded in 2022 by CEO Anton Mozgovoy and CTO Anton Zagorodnikov, Holyheld has offices in Zug, Switzerland and Vilnius, Lithuania. Anton Mozgovoy has prior experience as a fintech founder, as co-founder and CTO at Humaniq. Anton Zagorodnikov has 15+ years of experience in IT and holds a doctorate in computer engineering. Their vision is to enable crypto customers and fintech companies to build new payment settlement and reconciliation solutions using stablecoins. While traditional payment systems rely on banks, this new financial system is decentralized — eliminating the need for intermediaries, so that transaction fees are lower and processing times are faster.
“Holyheld turns any self-custody wallet into a personal International Bank Account Number and a debit card, which enables users to have a frictionless digital wallet experience. We are excited to work with Holyheld’s team as they build the leading on-chain clearing house.”
–Chris Abshire, principal, Toyota Ventures
Holyheld’s debit card — managed from a non-custodial wallet — can be used wherever Mastercard is accepted, and account holders earn 0.5% to 1% cash back on transactions. Holyheld supports over 100 crypto protocols across 15 blockchain networks, and accepts both EUR and USD. Its BRRR protocol has facilitated over $100 million USD in transaction volume since launching in April 2023.
Toyota Ventures is proud to announce its participation in Holyheld’s financing round. Toyota Ventures’ Frontier Fund principal Chris Abshire drove participation in the investment.
Visit the Holyheld website or the Toyota Ventures portfolio page to learn more.