Credit Saison, one of Japan’s leading credit card companies, announced the establishment of a new venture fund dedicated to supporting early-stage blockchain companies in the real-world asset sector. Named Onigiri Capital, the fund has already secured $35 million in funding from Credit Saison and other investors, with potential to expand to $50 million in the future.
Saison Capital, the investment arm of the group, has been actively investing in cryptocurrency ventures since 2023. The focus of Onigiri Capital will be on supporting companies that are developing financial infrastructure related to stablecoins, tokenization platforms, payment systems, and decentralized finance products. The fund’s strategy is centered around bridging the gap between startups in the United States and the growing digital asset markets in Asia.
Managing partner Qin En Looi, who is also a partner at Saison Capital, highlighted that Onigiri Capital aims to assist U.S. founders in establishing a presence in Asia by leveraging Credit Saison’s banking relationships, regulatory expertise, and distribution networks across countries like Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines. Another managing partner, Hans de Back, emphasized the fund’s goal of helping projects adhere to global financial standards while leveraging Asia’s well-established infrastructure.
Credit Saison, headquartered in Tokyo and affiliated with Mizuho Financial Group, operates across various sectors including banking, real estate, entertainment, and credit card services.
The launch of Onigiri Capital comes at a time when funding in the digital asset sector has seen a decline. Despite reaching a peak of $86 billion across 329 funds in 2022, crypto venture capital has significantly slowed down. Data indicates that only $3.7 billion has been raised across 28 funds in the current year, with a decrease in deployment as well. Factors such as higher interest rates, the collapse of prominent firms like FTX and Terra’s LUNA/UST, and the emergence of digital asset treasury companies competing for capital have contributed to the challenging climate for crypto venture deals.
However, recent investment trends have shown a preference for startups focusing on financial services and decentralized finance, suggesting that investors are still interested in blockchain projects with clear institutional applications.
In conclusion, Onigiri Capital’s establishment by Credit Saison marks a strategic move to support blockchain innovation in the real-world asset sector, with a focus on fostering collaboration between the U.S. and Asian markets. Despite the challenging funding landscape, the fund aims to provide valuable resources and expertise to early-stage blockchain companies looking to make an impact in the evolving digital asset ecosystem.