Brazil Crypto Report #170: Tokenizing Brazil: Onigiri Capital's $50 Million Bet
Oct 17, 2025
Qin en Looi, managing partner at Onigiri Capital and partner at Saison Capital, discusses a bold $50 million investment plan in Brazil and Latin America. He shares insights into why he believes Brazil is ripe for tokenization and blockchain innovations. Qin en highlights the region's strong founders and their focus on revenue and capital efficiency. He emphasizes the importance of local partnerships and understanding regulatory challenges, while also exploring the strategic connections between Asia and LATAM markets.
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Focused Bet On Financial Blockchain Use Cases
- Onigiri separates blockchain technology from speculative cryptocurrencies and focuses on finance use cases like stablecoins, payments, tokenization, markets infra, and DeFi.
- The fund invests in tokens and equity and targets institutional-grade blockchain financial products rather than NFTs or gaming.
Credit Saison's Emerging-Market Origin Story
- Credit Saison started overseas expansion 12 years ago focusing on emerging markets rather than the US or Europe.
- They now run private credit and venture lines in India, Southeast Asia, Brazil, and Mexico with local teams on the ground.
Founder Turned VC: Qin en's Journey
- Qin en dropped out of Stanford to found Glints, an HR tech startup that later raised over $80M and grew across Southeast Asia.
- He returned to Stanford to finish studies, then joined BCG Digital Ventures before moving into VC at Credit Saison in 2021.