Credit Saison, Japan’s third-largest credit card company, is taking a significant step into the blockchain arena by establishing a new venture fund aimed at early-stage firms in the real-world asset sector. This new initiative, named Onigiri Capital, has successfully attracted $35 million from Credit Saison and various other investors. A company spokesperson indicated that there is potential to increase the fund’s size to $50 million in the near future. The move follows Credit Saison’s strategy through its investment arm, Saison Capital, which has been backing cryptocurrency ventures since 2023.
Onigiri Capital plans to focus on startups that are developing financial infrastructure related to blockchain technology, including stablecoins, tokenization platforms, payment systems, and decentralized finance (DeFi) products. The fund’s primary strategy is to bridge the gap between U.S.-based startups and Asia’s burgeoning digital asset markets.
Qin En Looi, the managing partner of Onigiri Capital and a partner at Saison Capital, emphasized that the initiative is geared towards assisting U.S. founders in establishing a foothold in Asia. This support will leverage Credit Saison’s extensive banking relationships, regulatory expertise, and distribution networks across key Asian markets, including Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines.
In a similar vein, fellow managing partner Hans de Back noted that the fund is committed to helping projects meet international financial standards while taking advantage of Asia’s well-established infrastructure. The implications of this initiative could be significant, as Credit Saison also has a diverse portfolio extending into banking, real estate, and entertainment.
However, this launch takes place against a backdrop of a challenging climate for cryptocurrency venture deals. After reaching a record high of $86 billion across 329 funds in 2022, investments in the digital asset sector have sharply declined. Industry reports reveal that only $3.7 billion has been raised across 28 funds so far this year, with investment deployment also slowing. Between January and August 2024, funds invested $8.13 billion, yet this dropped to only $8.05 billion in the same period for 2025.
Several factors contributing to this cautious environment include rising interest rates, the fallout from notable firm collapses such as FTX and Terra, and the emergence of digital asset treasury companies that vie for limited capital. Despite these headwinds, recent investment trends indicate a marked preference for startups centered on financial services and decentralized finance. This suggests that while investor sentiment may be more cautious, there is still a palpable interest in blockchain products that offer clear and pragmatic institutional applications.
