Credit Saison Launches $50M Onigiri Capital Fund to Back Real-World Asset Startups

Japan’s third-largest credit card issuer, Credit Saison, is debuting a $50 million blockchain investment fund, Onigiri Capital, to support early-stage startups building real-world asset solutions and connect U.S. innovation with Asia’s fast-growing crypto markets.

• $35M already secured from Credit Saison and outside investors; up to $15M more open.
• Fund targets early-stage projects in stablecoins, payments, tokenization, DeFi, and RWA infrastructure.
• Aims to bridge U.S. blockchain innovation with Asia’s banking and regulatory networks.
• Backed by Saison Capital, leveraging deep ties across Japan, Korea, Southeast Asia, and beyond.
• Launch coincides with a sluggish crypto VC market, where global fundraising is still below pre-bear market highs.

Credit Saison, Japan’s third-largest credit card issuer, is entering the crypto venture space with a $50 million blockchain investment fund named Onigiri Capital. Backed by the company’s venture arm, Saison Capital, the fund has already secured $35 million from a mix of internal and outside investors and can accept up to $15 million more. Onigiri Capital will focus on early-stage startups that are building real-world asset solutions—ranging from stablecoins and payments to tokenization, DeFi platforms, and other financial infrastructure with a strong link to Asia’s fast-evolving markets.

Onigiri Capital positions itself as a bridge for U.S. founders looking to scale into Asia. Managing partner Qin En Looi emphasized that Asia’s influence in real-world asset innovation is accelerating, yet many U.S.-based projects lack the local expertise needed to succeed. With Credit Saison’s network spanning Japan, Korea, Indonesia, Malaysia, the Philippines, and Singapore, Onigiri can provide regulatory guidance, banking relationships, and ready-made distribution channels to help startups build globally competitive financial products. Fellow managing partner Hans de Back added that the fund aims to merge “Silicon Valley’s innovation with Asia’s institutional validation,” offering founders strategic support to meet international finance standards.

The launch arrives as crypto venture capital faces a slow recovery from the 2022 downturn. Venture fundraising has shrunk from the $86 billion peak across 329 funds in 2022 to just $3.7 billion across 28 funds so far in 2025. Actual capital deployment has also slightly decreased year-over-year. Analysts attribute the slump to higher interest rates steering investors toward safer assets and lingering caution after major industry failures such as FTX and the LUNA/UST collapse. At the same time, rising interest in digital asset treasury companies—public firms raising capital to buy tokens—has redirected some investor attention away from traditional crypto startups. Despite these headwinds, venture money is still flowing into projects focused on financial services and DeFi, aligning with Onigiri’s real-world asset strategy.

Credit Saison itself remains a heavyweight in Japan’s financial sector, with extensive operations beyond credit cards, including real estate and entertainment. Its Tokyo-listed stock (8253.T) recently traded at ¥3,913 ($26.55), within a 52-week range of ¥2,781 to ¥4,269. Saison Capital has been active in crypto investments since at least 2023, giving the company a solid foundation to support the new fund.

Final Thought

By pairing U.S. blockchain innovation with Asia’s robust financial infrastructure, Onigiri Capital is poised to become a key launchpad for real-world asset startups, signaling Credit Saison’s commitment to driving the next wave of global crypto-financial products.