Japanese financial services provider CRYL has introduced a new bitcoin-backed lending product, giving individuals and businesses access to cash in Japanese yen without needing to sell their BTC holdings. The company says the service is available immediately, allowing users to leverage their bitcoin for loans funded in yen.
Loan amounts, terms, and rates revealed
CRYL’s loan offerings range from 1 million yen to 1 billion yen per agreement. Annual interest rates fall between 3.5% and 7%, depending on the borrower’s risk profile and collateralization. Loans must be secured with bitcoin, with collateralization ratios set between 40% and 60%. The loans come with a one-year maturity date and can be used for various needs, including tax payments, business financing, or real estate purchases. CRYL is emphasizing flexibility and accessibility in its product mix.
CRYL highlights that investors now have a third way to utilize their crypto: rather than just holding or selling, they can use it as collateral for cash funding.
All applicants will undergo a vetting process before receiving approval. A lump-sum repayment of both principal and interest is expected at the end of the one-year term, giving customers immediate liquidity with manageable repayment obligations.
How it compares to the current Japanese market
This move by CRYL adds new depth to Japan’s still-developing market for regulated crypto-collateralized financing. The largest existing competitor, Fintertech—a joint venture between Daiwa Securities Group and Credit Saison—has provided similar bitcoin- or ether-backed loans since 2020. Fintertech’s loans offer up to $3 million, making CRYL’s upper limit significantly higher for eligible borrowers.
CRYL stands out for its lower minimum (1 million yen) and higher ceiling (1 billion yen) but accepts only bitcoin as collateral. In contrast, Fintertech offers loans against both BTC and ETH, starting at 5 million yen, with annual rates between 4% and 8% and collateralization at 50%.
| Company | Collateral | Loan amount | Interest rate |
|---|---|---|---|
| CRYL | BTC | 1 million to 1 billion yen | 3.5% to 7% |
| Fintertech | BTC or ETH | From 5 million yen up to $3 million | 4% to 8% |
Fintertech has also expanded its distribution network. In October 2025, Daiwa Securities began offering Fintertech’s digital asset-backed loan products at branches across Japan. According to the joint venture’s structure, Daiwa Securities Group holds an 80% stake in Fintertech and Credit Saison the remaining 20%.
New research targets more advanced crypto products
Elsewhere in Japan, several companies are exploring how bitcoin can be used in more complex credit products. Metaplanet Securities, yen-pegged digital money issuer JPYC, and blockchain tokenization platform Progmat jointly announced research into using BTC as collateral or as a credit enhancement for digital corporate bonds and other blockchain-based loan instruments.
Mini glossary: Tokenization means converting rights to an asset into a digital token on the blockchain. For corporate bonds, this structure allows digital tracking of issuance and investor activity.
Metaplanet Securities, JPYC, and Progmat all state that their project is still in the research phase and that no official issuance decisions have been made.
Unlike the direct lending products offered by CRYL and Fintertech, these initiatives are still in the exploratory stage and not yet available on the market. The involved companies are continuing to evaluate the technological and market potential for such offerings.
