Key Takeaways
- • Saison Capital, the venture arm of Japan's Tokyo Stock Exchange-listed Credit Saison, launches Onigiri Capital, a $50 million blockchain investment fund with $35 million secured to date, positioning itself as an institutional bridge between U.S. blockchain innovation and Asia's established financial networks.
- • The fund targets five core investment sectors: stablecoins, payments, tokenized assets, decentralized finance (DeFi), and financial markets infrastructure, with a focus on real-world asset (RWA) solutions expected to reach $10 trillion in market value by 2030.
- • Onigiri Capital is co-led by Qin En Looi (Partner, Saison Capital) and Hans de Back, combining fintech early-stage investment experience with digital asset leadership to accelerate portfolio company market entry across multiple jurisdictions.
- • Portfolio companies gain access to major institutional distribution channels, regulatory expertise, and credibility through backing from established financial institutions including BlackRock, Goldman Sachs, MUFG, and Bank of China, which are already integrating blockchain into traditional finance infrastructure.
- • The fund launch aligns with a rebound in blockchain venture capital funding, reaching its highest levels in 2025 since 2022, reflecting institutional appetite for digital asset infrastructure at the intersection of traditional and decentralized finance.
Summary
Saison Capital has launched Onigiri Capital, a $50 million blockchain-focused venture fund positioned to serve as an institutional gateway connecting U.S. blockchain innovation with Asia's established financial and banking ecosystem. The fund, which has already secured $35 million in commitments, represents a significant move by Credit Saison—one of Japan's largest non-bank financial companies and a Tokyo Stock Exchange-listed entity—to establish institutional-grade investment presence in the digital assets sector.
The fund concentrates its thesis on five strategic sectors: stablecoins, payments, tokenized assets, decentralized finance, and financial markets infrastructure. This focus reflects Onigiri Capital's emphasis on real-world asset (RWA) solutions, a segment expected to reach $10 trillion in market capitalization by 2030. The timing aligns with accelerating institutional adoption, as major global financial institutions including BlackRock and Goldman Sachs in the U.S., and MUFG and Bank of China in Asia, have begun integrating blockchain technology into their traditional finance operations.
The fund is co-managed by Qin En Looi, a partner at Saison Capital, and Hans de Back, leveraging combined expertise in early-stage fintech investments and digital asset leadership. This partnership structure positions the fund to provide portfolio companies with multi-jurisdictional regulatory guidance, access to institutional distribution networks, and market credibility essential for accelerating time-to-market across the U.S.-Asia corridor.
The launch occurs as blockchain venture capital funding rebounds to its highest levels in 2025 since 2022, signaling renewed institutional confidence in digital asset infrastructure. Onigiri Capital's structure—backed by an established, publicly-traded financial services company with deep relationships across Asia's banking sector—differentiates it from traditional crypto-focused venture funds by offering portfolio companies direct pathways to institutional adoption and regulatory approval across major Asian markets and the United States.
The fund concentrates its thesis on five strategic sectors: stablecoins, payments, tokenized assets, decentralized finance, and financial markets infrastructure. This focus reflects Onigiri Capital's emphasis on real-world asset (RWA) solutions, a segment expected to reach $10 trillion in market capitalization by 2030. The timing aligns with accelerating institutional adoption, as major global financial institutions including BlackRock and Goldman Sachs in the U.S., and MUFG and Bank of China in Asia, have begun integrating blockchain technology into their traditional finance operations.
The fund is co-managed by Qin En Looi, a partner at Saison Capital, and Hans de Back, leveraging combined expertise in early-stage fintech investments and digital asset leadership. This partnership structure positions the fund to provide portfolio companies with multi-jurisdictional regulatory guidance, access to institutional distribution networks, and market credibility essential for accelerating time-to-market across the U.S.-Asia corridor.
The launch occurs as blockchain venture capital funding rebounds to its highest levels in 2025 since 2022, signaling renewed institutional confidence in digital asset infrastructure. Onigiri Capital's structure—backed by an established, publicly-traded financial services company with deep relationships across Asia's banking sector—differentiates it from traditional crypto-focused venture funds by offering portfolio companies direct pathways to institutional adoption and regulatory approval across major Asian markets and the United States.
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