Credit Saison, Japan’s third-largest credit card company, said Monday it is creating a new venture fund to back early-stage blockchain firms working in the real-world asset sector, according to local media reports.
The vehicle, known as Onigiri Capital, has raised $35 million so far from Credit Saison and other backers and, according to a company spokesperson, has room to expand to $50 million.
Saison Capital, the group’s investment arm, has been supporting crypto ventures since 2023.
Connecting Asian markets
Onigiri Capital will concentrate on companies building financial infrastructure such as stablecoins, tokenization platforms, payment rails, and decentralized finance products. The fund’s strategy emphasizes connecting startups in the US with Asia’s growing digital asset markets.
Qin En Looi, managing partner of Onigiri and a partner at Saison Capital, said the initiative is designed to help founders from the U.S. establish themselves in Asia by leveraging Credit Saison’s banking relationships, regulatory knowledge, and distribution networks across Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines.
Fellow managing partner Hans de Back added that the fund aims to help projects meet global financial standards while tapping into Asia’s established infrastructure.
Credit Saison, based in Tokyo and affiliated with Mizuho Financial Group, also operates in banking, real estate, and entertainment in addition to its credit card business.
Tougher climate for crypto venture deals
The launch comes at a time when funding in the digital asset sector remains subdued. After peaking at $86 billion across 329 funds in 2022, crypto venture capital has cooled dramatically.
Industry data show that just $3.7 billion has been raised across 28 funds this year. Deployment has also slowed. Funds invested $8.13 billion between January and August 2024, but only $8.05 billion over the same period in 2025.
Higher interest rates, the collapse of high-profile firms such as FTX and Terra’s LUNA/UST, and the rise of digital asset treasury companies that compete for capital as factors weighing on the market.
However, recent allocations have shown a tilt toward startups focused on financial services and decentralized finance, suggesting that despite broader caution, investors remain interested in blockchain products with clear institutional applications.