Japan’s CRYL Launches Bitcoin‑Backed Loans Up to ¥1B for Individuals and Businesses

TL;DR

• CRYL launched Bitcoin-backed loans of up to ¥1 billion ($6.2M) for individuals and businesses, with annual rates between 3.5% and 7%.
• Loans carry collateral ratios of 40% to 60%, run for one year, and can be used for taxes, business financing, or property purchases.
• Metaplanet Securities, JPYC, and Progmat are exploring the use of BTC as collateral in digital corporate bonds, though no issuance has been confirmed yet.

Japanese firm CRYL announced the launch of Bitcoin-backed loans of up to ¥1 billion ($6.2 million), targeting both individuals and businesses seeking fiat currency liquidity without having to sell their BTC. Loans range from $6,200 up to the maximum cap, with annual rates between 3.5% and 7% and collateral ratios of between 40% and 60%. The term is one year, with a lump-sum payment scheme at maturity covering both principal and interest.

CRYL positions its service as a third way between holding or liquidating Bitcoin positions. Funds can be used for various purposes: tax payments, working capital, or property acquisition. However, applicants must go through a credit assessment process, and accepted collateral is limited exclusively to BTC, unlike other offerings in the local market.

CRYL Outpaces its Competitors in the Japanese Market

CRYL’s new product expands a still-narrow segment within Japan’s regulated financial ecosystem. Fintertech, a joint venture 80% owned by Daiwa Securities Group and 20% by Credit Saison, pioneered this model when in 2020 it launched Bitcoin- or Ethereum-backed loans of up to $3 million, with rates between 4% and 8% and a minimum amount of ¥5 million ($31,000). In October 2025, Daiwa Securities began referring clients from its branches to Fintertech’s products, considerably broadening the reach of its offering.

CRYL surpasses its competitor on the maximum loan cap and sets a lower entry threshold, though it restricts collateral exclusively to Bitcoin.

Toward More Complex Credit Instruments

Institutional interest spans several sectors of the crypto industry. Last Friday, Metaplanet Securities, yen-stablecoin issuer JPYC, and tokenization infrastructure Progmat announced a joint study to explore the use of BTC as collateral or a credit enhancement mechanism in digital corporate bonds and other blockchain-based credit instruments.

The three companies clarified that no decision has yet been made regarding issuance, meaning the initiative remains in the research phase. Even so, the convergence between Japan’s traditional financial market and Bitcoin suggests the industry is moving toward more sophisticated credit products in the region.