Credit Saison Launches $50M Blockchain Fund to Bridge US Startups with Asia

Introduction

Japan’s third-largest credit card company, Credit Saison, has announced the launch of a $50 million blockchain venture fund aimed at supporting early-stage startups in the U.S. and helping them expand into Asia. The fund, named Onigiri Capital, has already raised $35 million and will focus on innovative projects in stablecoins, tokenization platforms, decentralized finance (DeFi), and digital payment infrastructure. With backing from Credit Saison’s investment arm, Saison Capital, the initiative highlights Japan’s growing role in bridging traditional finance (TradFi) with emerging crypto markets.

The strategy behind Onigiri Capital is to connect U.S.-based blockchain startups with Asia’s fast-growing digital asset markets. By leveraging Credit Saison’s extensive banking and regulatory networks, the fund aims to help founders scale across Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines. According to managing partner Qin En Looi, the mission is to guide promising projects to meet global financial standards while accessing Asia’s established financial and technological infrastructure. This makes the fund a significant gateway for blockchain innovation between Western startups and Eastern capital markets.

The launch comes during a difficult period for crypto venture capital, which has declined sharply from its 2022 peak of $86 billion. Data shows only $3.7 billion has been raised across 28 blockchain funds in 2025, reflecting tighter liquidity, higher interest rates, and fallout from past industry failures like FTX and Terra’s LUNA/UST collapse. However, investor interest remains strong in specialized areas such as DeFi, real-world asset tokenization, and institutional-grade infrastructure. Credit Saison’s fund suggests that while broader venture funding is cooling, traditional financial institutions are increasingly betting on blockchain solutions with tangible, long-term applications.

Background

Japan’s Credit Saison, one of the country’s largest traditional finance (TradFi) institutions, has unveiled a new $50 million blockchain venture fund designed to bridge the gap between U.S. blockchain startups and the rapidly expanding Asian digital asset markets. The fund, called Onigiri Capital, has already secured $35 million and is positioned to support emerging companies focused on stablecoins, tokenization, decentralized finance (DeFi), and financial infrastructure (CryptoSlate).

What Makes This Fund Different?

Unlike general venture capital pools, Onigiri Capital is targeting founders in the United States who want to expand into Asia. Managing Partner Qin En Looi explained that Credit Saison’s extensive network — spanning Japan, Korea, Singapore, Indonesia, Malaysia, and the Philippines — will provide startups with regulatory guidance, banking partnerships, and distribution pipelines that are critical for scaling financial products globally.

TradFi institutions (short for traditional finance) like banks, insurers, and credit card companies are increasingly moving into crypto and blockchain investment. For these firms, blockchain represents not just cryptocurrencies like Bitcoin, but also real-world applications such as:

• Stablecoins: digital tokens pegged to fiat currencies like the US dollar, offering price stability and faster payments.

• Tokenization of real-world assets (RWA): turning assets like real estate, bonds, or equity into digital tokens, making them easier to trade and fractionalize.

• DeFi (Decentralized Finance): platforms that enable borrowing, lending, and trading without intermediaries, often using smart contracts.

By focusing on these sectors, Onigiri Capital is aligning its investments with areas where blockchain overlaps with institutional finance — a trend that has attracted attention from firms like BlackRock, which launched a tokenized money market fund in 2023 (Reuters).

Why Launch Now?

The timing of Credit Saison’s fund is no coincidence. After record highs in 2022, crypto venture capital funding has slowed sharply: only $3.7 billion was raised across 28 funds in 2025, compared with $86 billion in 2022. Rising interest rates, ongoing regulatory uncertainty, and the collapse of high-profile crypto firms like FTX and Terra’s LUNA/UST have cooled investor appetite (CoinDesk).

However, while speculative projects are struggling to attract capital, institutional-grade blockchain solutions remain in demand. Tokenization platforms, payment networks, and regulated DeFi protocols are seen as essential to the future of finance. According to Boston Consulting Group (BCG), the tokenization of real-world assets could become a $16 trillion market by 2030 — a projection that validates Credit Saison’s strategic focus.

Bridging U.S. Startups With Asian Markets

For U.S. blockchain startups, Asia represents both opportunity and complexity. Markets like Singapore and Japan have established regulatory hubs for digital assets, while others such as Indonesia and the Philippines are spearheading adoption through remittance systems and mobile finance. Credit Saison, affiliated with Mizuho Financial Group, brings decades of local knowledge and regulatory expertise that early-stage startups typically lack.

Managing partner Hans de Back emphasized that the fund will not only provide capital but also mentorship in navigating compliance, scaling operations, and meeting global financial standards. This vision echoes a broader trend: Western blockchain companies are increasingly looking to Asia for growth, especially as the U.S. takes a slower and more fragmented regulatory approach.

Conclusion: TradFi’s Bet on Blockchain Infrastructure

Credit Saison’s $50M blockchain fund marks another milestone in the convergence of TradFi and DeFi. By focusing on real-world asset tokenization, stablecoins, and financial infrastructure, the fund signals where long-term value in blockchain is most likely to be realized.

While crypto venture capital is experiencing a downturn, major players from traditional finance are stepping in to back projects that bridge Web3 innovation with real-world financial applications. For startups, particularly in the U.S., Onigiri Capital represents a gateway into Asia — currently one of the fastest-growing markets for blockchain adoption.

As Asia and the West compete to lead in digital finance, funds like this will likely play an increasingly critical role in setting global crypto standards and accelerating mainstream adoption.