Saison Capital launches $50m Asia-US blockchain fund

Saison Capital, the venture arm of Japan’s Credit Saison, has launched Onigiri Capital, a blockchain-focused investment fund with an initial target size of US$50 million.

The fund, which has secured US$35 million so far, aims to invest in startups developing real-world asset solutions in sectors such as stablecoins, payments, tokenized assets, DeFi, and financial markets infrastructure.

Onigiri Capital is co-led by Qin En Looi and Hans de Back, who both have experience in fintech and digital assets investment across Asia.

The fund plans to connect US-based founders with Asia’s cryptocurrency community and financial institutions, leveraging Credit Saison’s network in countries including Japan, Korea, Singapore, Malaysia, Indonesia, and the Philippines.

🔗 Source: Onigiri Capital

🧠 Food for thought

Implications, context, and why it matters.

Asia’s regulatory maturity creates new opportunities for blockchain investment bridges

Onigiri Capital’s launch comes as Asian countries have significantly advanced their digital asset regulatory frameworks in 2025, with Singapore, Hong Kong, Japan, and South Korea all developing comprehensive rules for blockchain businesses1 2.
This regulatory clarity contrasts sharply with the historical investment imbalance where the EU accounts for only 7% of global equity investments in blockchain, while the US and China dominate with 80%3.
Japan’s recent approval of yen-pegged stablecoins and South Korea’s push for local stablecoin issuance demonstrate the region’s commitment to integrating digital assets into traditional financial systems4.
The regulatory developments provide the institutional credibility that Onigiri Capital’s strategy depends on, as Hans de Back noted that “trust in blockchain needs external validation and a proven track record.”

Enterprise blockchain adoption in Asia signals substantial market opportunity

Asia’s enterprise blockchain market is projected to reach $31 billion by 2033, highlighting the region’s leadership in permissioned blockchain applications that align with Onigiri’s focus on real-world asset solutions1.
The fund’s timing coincides with major Asian financial institutions like MUFG and Bank of China taking steps to integrate blockchain into their infrastructure, creating distribution channels for portfolio companies.
Real-world asset tokenization is expected to reach $10 trillion in market value by 2030, with both US institutions like BlackRock and Goldman Sachs, and Asian players actively pursuing blockchain integration.