Will Japan's Crypto Volume Increase? Looking at Credit Saison $50 Million Fund

Japan’s crypto market is often seen as one of the more regulated yet forward-looking hubs in Asia. The recent announcement that Credit Saison, Japan’s third-largest credit card company, is setting up a $50 million blockchain-focused fund has sparked debate about whether this move could drive higher trading volumes in Japan. 

In this article, we examine what the fund means, how it fits into Japan’s broader crypto landscape, and why cautious optimism might be warranted given the current global funding climate.

Credit Saison’s $50 Million Blockchain Fund

Credit Saison is a household name in Japan, best known for its credit card services but also active in banking, real estate, and entertainment. Through its investment arm, Saison Capital, it has been supporting crypto ventures since 2023. 

Its newest initiative is a venture vehicle called Onigiri Capital, which has raised $35 million so far and could expand to $50 million.

Onigiri Capital is designed to back early-stage blockchain firms working in areas like stablecoins, tokenization platforms, payment infrastructure and decentralised finance products. 

These sectors are crucial for the next phase of digital asset adoption because they focus on building real-world financial tools rather than speculative trading assets.

Importantly, this fund aims to bridge the gap between United States startups and Asian markets. Credit Saison intends to use its banking relationships, regulatory experience, and distribution networks across multiple Asian countries, including Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines, to help projects establish a foothold in Asia. 

Read Also: Japan Embraces Crypto in Corporate Culture: Leads the Crypto Race?

This suggests a long-term play focused on infrastructure rather than short-term trading gains.

The fund is significant for Japan because it signals that major traditional finance players are not walking away from blockchain despite a tough funding climate. However, we must also recognise that $50 million, while notable, is still small compared to the size of Japan’s financial sector. 

The impact on trading volume may be gradual and tied to how quickly funded projects launch products and attract users.

Japan’s Crypto Market and Global Context

Japan has long been considered one of the most tightly regulated crypto markets, with clear licensing requirements for exchanges and a focus on investor protection. This has made it a relatively safe environment for crypto activity but sometimes a slower one in terms of innovation compared to jurisdictions with looser rules.

In the past few years, Japan has seen steady but not explosive crypto growth. The country’s exchanges report consistent trading volume, but they have not experienced the same dramatic surges seen in markets like South Korea during bull runs. 

This could be partly due to the conservative nature of Japanese retail investors and the strong oversight by the Financial Services Agency.

Globally, crypto venture funding has cooled dramatically since the highs of 2021 and 2022. Data shows only $3.7 billion raised across 28 funds in 2025 so far, compared to $86 billion across 329 funds in 2022. 

This drop reflects both higher interest rates and a general pullback from risky investments after the collapse of several major crypto firms like FTX and Terra.

Against this backdrop, a $50 million fund dedicated to blockchain infrastructure is a sign of selective optimism. Investors are increasingly favouring projects that have a clear path to compliance, institutional adoption, and long-term value creation. This fits well with Japan’s cautious approach to crypto. 

If Credit Saison can help promising startups meet global financial standards and gain regulatory approval in Japan, this could gradually boost confidence and activity in the market.

That said, it is important to note that venture funding does not directly translate into higher trading volume overnight. The timeline for returns may be years rather than months. Additionally, many of these projects are in their earliest stages, meaning there is execution risk and no guarantee that they will succeed commercially.

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Risks, Opportunities, and What to Watch

While the creation of Onigiri Capital is encouraging for those who hope to see more crypto innovation in Japan, there are still significant uncertainties. For one, the full list of projects to be funded has not been disclosed, and the specific focus areas could determine how impactful this will be. 

If the fund primarily supports infrastructure rather than consumer-facing applications, the short-term effect on trading volume may be limited.

Another factor is global market sentiment. Crypto markets remain sensitive to macroeconomic conditions such as interest rates, regulatory developments, and liquidity trends. Even with funding available, startups might delay launches if market conditions are unfavourable.

There is also a note of caution to consider: like many crypto initiatives, information can be limited and subject to change. Some documentation, such as detailed investment criteria or governance structures for Onigiri Capital, may not be publicly available, making it hard to assess risk fully. As with any emerging market investment, due diligence is crucial before drawing strong conclusions about future volume increases.

Opportunities do exist, however. If Credit Saison succeeds in connecting U.S. innovators with Asian distribution channels, Japan could see growth in sectors such as tokenized assets, payment systems, and decentralized finance platforms. This could encourage institutional participation, which would likely contribute to more stable and higher trading volumes over time.

The key will be watching not just the fund size but its deployment pace, the types of projects it supports, and whether those projects can gain traction among both institutional and retail users.

Note of Caution

While this fund is a positive signal, investors should be careful about assuming it will lead to a sharp rise in crypto trading volume. The details of the portfolio are still unclear, and some information is not accessible to the public. 

As with all crypto-related developments, transparency and regulatory clarity should be top priorities before making investment decisions.

Read Also: New Bitcoin Regulation in Japan: Slash Taxes and ETF Ban Revoke

Conclusion

Credit Saison’s $50 million blockchain fund could be a meaningful step towards building out Japan’s digital asset infrastructure. It shows that traditional finance institutions continue to believe in blockchain’s potential despite the broader slowdown in crypto funding. 

However, any increase in Japan’s crypto volume is likely to be gradual and dependent on the success of funded projects, regulatory approvals, and overall market conditions. As always, investors should combine optimism with caution, keep track of project progress, and demand transparency before making commitments.

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FAQ

What is Onigiri Capital?

It is Credit Saison’s new venture vehicle aimed at investing up to $50 million in early-stage blockchain companies focused on real-world asset infrastructure.

Will this fund increase crypto trading volume in Japan immediately?

Probably not immediately. The impact is likely to be gradual as funded startups develop products and attract users.

Why is this fund significant?

It shows that a major Japanese financial institution continues to invest in blockchain despite the global downturn in venture funding.

Are there risks involved?

Yes. The projects are early stage, details are limited, and there is no guarantee of commercial success or measurable impact on trading volume.

Should investors rely on this fund to guide their decisions?

No. It should be seen as one signal of institutional interest, but investors still need to conduct independent research and consider broader market conditions.