Japan’s financial giant Credit Saison is making a bold move into blockchain infrastructure with a new $50 million venture fund designed to connect US startups with Asia’s rapidly expanding digital asset markets. Despite a global cooling in crypto venture funding, the company’s Onigiri Capital initiative represents a significant bet on the institutional adoption of real-world asset tokenization, stablecoins, and DeFi products across key Asian economies.
- Fund will leverage Credit Saison's banking relationships across Japan, Korea, Indonesia, Malaysia, Singapore, and Philippines to help US startups enter Asian markets
- Crypto venture funding has plummeted from $86 billion across 329 funds in 2022 to just $3.7 billion across 28 funds in 2024
- Despite market downturn, recent investments show increased focus on financial services and DeFi startups with institutional applications
Strategic Expansion into Blockchain Infrastructure
Credit Saison, Japan’s third-largest credit card company and an affiliate of Mizuho Financial Group, has established Onigiri Capital as a specialized investment vehicle targeting early-stage blockchain companies working in the real-world asset sector. The fund has already secured $35 million from Credit Saison and other backers, with clear capacity to expand to $50 million. This move builds upon the work of Saison Capital, the group’s investment arm that has been supporting crypto ventures since 2023, demonstrating the company’s growing commitment to digital asset innovation.
The fund’s investment thesis focuses specifically on financial infrastructure development, including stablecoins, tokenization platforms, payment rails, and decentralized finance products. This targeted approach reflects Credit Saison’s recognition that blockchain technology’s most immediate value lies in its ability to transform traditional financial services rather than speculative applications. By concentrating on infrastructure, Onigiri Capital positions itself at the foundation of what many believe will be the next evolution of global finance.
Bridging US Innovation with Asian Market Access
A central component of Onigiri Capital’s strategy involves creating pathways for US blockchain startups to access Asia’s burgeoning digital asset markets. According to Qin En Looi, managing partner of Onigiri and partner at Saison Capital, the initiative is specifically designed to help American founders establish themselves across Asia by leveraging Credit Saison’s extensive banking relationships, regulatory knowledge, and distribution networks.
The fund’s geographic focus spans six key Asian markets: Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines—regions with varying levels of digital asset maturity but collectively representing enormous growth potential. Fellow managing partner Hans de Back emphasized that the fund aims to help projects meet global financial standards while tapping into Asia’s established infrastructure, creating a unique value proposition that goes beyond mere capital investment.
This cross-border strategy acknowledges that while the United States remains a hub for blockchain innovation, Asia represents the largest potential market for adoption. By serving as a bridge between these ecosystems, Credit Saison positions itself as a critical intermediary in the global digital asset landscape, potentially capturing value from both innovation and market expansion.
Navigating a Challenging Venture Environment
Onigiri Capital’s launch occurs against a backdrop of significant contraction in crypto venture funding. Industry data reveals a dramatic cooling from the sector’s peak in 2022, when $86 billion was raised across 329 funds. This year, just $3.7 billion has been raised across 28 funds, representing a staggering decline in both capital committed and fund formation.
Several factors have contributed to this downturn, including higher interest rates that have made risk assets less attractive, the collapse of high-profile firms like FTX and Terra’s LUNA/UST ecosystem, and increased competition from digital asset treasury companies that now compete for the same investment capital. Deployment has also slowed noticeably, with funds investing $8.13 billion between January and August 2024 compared to $8.05 billion during the same period in 2023.
Despite these challenges, recent allocations have shown a distinct tilt toward startups focused on financial services and decentralized finance with clear institutional applications. This suggests that while broad crypto speculation has fallen out of favor, investors remain interested in blockchain technologies that solve real-world financial problems—exactly the focus area Credit Saison has chosen for its new fund.
Credit Saison's Broader Strategic Vision
For Credit Saison, the Onigiri Capital initiative represents more than just a financial investment—it’s a strategic positioning within the evolving financial landscape. The Tokyo-based company, which operates across banking, real estate, and entertainment in addition to its core credit card business, appears to be preparing for a future where traditional finance and blockchain technology increasingly converge.
The company’s affiliation with Mizuho Financial Group, one of Japan’s largest banking institutions, provides additional credibility and resources for this venture. This connection to established traditional finance (TradFi) institutions differentiates Credit Saison’s approach from purely crypto-native investment firms, potentially giving portfolio companies access to more substantial regulatory guidance and banking partnerships.
By focusing on real-world asset tokenization and financial infrastructure, Credit Saison aligns itself with what many analysts believe will be blockchain technology’s most impactful application: making traditional assets more accessible, liquid, and efficient through digitization. This positions the company at the intersection of TradFi and DeFi, potentially allowing it to capture value as these worlds continue to merge.
📎 Related coverage from: cryptoslate.com