tl;dr
Credit Saison, Japan's third-largest credit card company, launched Onigiri Capital, a $35 million blockchain fund (with potential to expand to $50 million) targeting early-stage startups focused on real-world assets. The fund aims to bridge U.S. crypto innovation with Asia's digital asset markets, i...
**Credit Saison Launches $35M Blockchain Fund to Bridge Asia and U.S. Crypto Innovation**
In a bold move to capitalize on the evolving digital asset landscape, Japan’s Credit Saison, the third-largest credit card company in the country, has unveiled a new venture fund, *Onigiri Capital*, aimed at backing early-stage blockchain startups focused on real-world assets. The initiative, which has already raised $35 million—with potential to expand to $50 million—signals a growing interest in blockchain’s role in reshaping financial infrastructure.
Onigiri Capital’s strategy centers on investing in companies building critical tools for the crypto ecosystem, including stablecoins, tokenization platforms, payment systems, and decentralized finance (DeFi) products. But the fund’s ambitions go beyond technology: it’s designed to act as a bridge between U.S. startups and Asia’s rapidly expanding digital asset markets.
**Connecting Silicon Valley to Singapore**
Qin En Looi, managing partner of Onigiri Capital, emphasized the fund’s role in helping U.S. founders navigate Asia’s complex regulatory and business landscapes. “Credit Saison’s banking relationships, regulatory expertise, and distribution networks across Japan, South Korea, Indonesia, Malaysia, Singapore, and the Philippines will give startups a foothold in one of the world’s most dynamic markets,” Looi said.
Hans de Back, another managing partner, added that the fund aims to ensure startups meet global financial standards while leveraging Asia’s established infrastructure. “This isn’t just about funding crypto projects—it’s about creating scalable solutions that can integrate with traditional finance,” he noted.
The move comes as Asia’s digital asset markets mature, with countries like Singapore and Japan leading in regulatory frameworks and institutional adoption. Credit Saison’s involvement underscores the growing recognition that blockchain isn’t just a speculative tool but a foundational technology for financial innovation.
**A Climate of Caution, But Persistent Interest**
Despite the fund’s optimism, the broader crypto venture capital landscape remains challenging. After a peak of $86 billion across 329 funds in 2022, investment has cooled dramatically. This year, just $3.7 billion has been raised across 28 funds—a stark contrast to the $8.13 billion deployed by crypto VCs in the first eight months of 2024, which fell to $8.05 billion in the same period in 2025.
The downturn has been fueled by higher interest rates, the collapse of high-profile firms like FTX and Terra’s LUNA/UST, and the rise of digital asset treasury companies that compete for capital. Yet, amid the turmoil, a shift is emerging. Recent allocations show a growing focus on startups with clear institutional applications, particularly in financial services and DeFi.
“Investors are becoming more selective, but they’re still betting on blockchain’s potential to solve real-world problems,” said one industry observer. “Projects that bridge traditional finance and crypto are seeing renewed interest.”
**Credit Saison’s Strategic Edge**
Credit Saison’s foray into crypto isn’t entirely new. Its investment arm, Saison Capital, has been backing crypto ventures since 2023. By launching Onigiri Capital, the company is leveraging its deep ties to Japan’s financial sector and its expanding presence in Southeast Asia.
The fund’s focus on real-world assets—such as tokenized real estate or commodities—highlights a key trend: the push to link digital tokens with tangible value. This approach could address one of blockchain’s biggest challenges: proving its utility beyond speculative trading.
**What’s Next for Onigiri?**
As the crypto market continues to evolve, Credit Saison’s venture fund could play a pivotal role in shaping the next wave of innovation. By combining U.S. entrepreneurial energy with Asia’s regulatory and infrastructural strengths, Onigiri Capital aims to position itself as a leader in the race to build the financial systems of tomorrow.
For startups, the fund offers more than capital—it provides a pathway to scale in one of the world’s most important markets. For investors, it’s a reminder that even in a climate of caution, blockchain’s potential to transform finance remains undeniable.
In a sector defined by volatility, Credit Saison’s move underscores a simple truth: the future of money isn’t just digital—it’s interconnected.