Japanese lender CRYL has launched Bitcoin-backed loans ranging from 1 million yen to 1 billion yen, equivalent to approximately $6,200 to $6.2 million. According to the company's official launch announcement, the service began operations on July 9, 2025, allowing individuals, sole traders and companies to obtain yen without selling their Bitcoin holdings. The loans are structured as one-year terms with potential extensions, requiring borrowers to repay principal and interest in a single lump sum at maturity. As reported by TradingView News, the launch expands Japan's small market for regulated crypto-backed financing, providing a third option beyond holding or selling cryptocurrency.
CRYL offers annual borrowing rates between 3.5% and 7% with collateral ratios ranging from 40% to 60%, depending on the borrower and loan terms. As reported by the company, the lender applies these ratios based on the borrower's creditworthiness and loan requirements. The company also allows additional borrowing under some credit-line agreements if the loan-to-value ratio remains below 60%. Borrowers can use funds for tax payments, living costs, business expenses and property purchases, with separate plans available for individuals, sole traders, property buyers and corporate customers. The service gained wider distribution in October 2025 when Daiwa Securities began introducing customers at its branches across Japan to Fintertech's digital asset-backed loans.
CRYL accepts only Bitcoin as collateral, requiring borrowers to transfer BTC to the lender while receiving the approved amount in Japanese yen. According to the company's announcement, this structure provides Bitcoin holders access to cash while maintaining exposure to the asset. The lender warns that Bitcoin price changes may affect the collateral position, and it requires applicants to pass its screening process. Additionally, CRYL charges a 20% annual rate on overdue balances and operates as a registered money lender in Tokyo, belonging to the Japan Financial Services Association. Unlike Fintertech's service, CRYL limits collateral to Bitcoin only, while Fintertech accepts both Bitcoin and Ether.
CRYL's service enters a market where Fintertech, a Daiwa Securities Group and Credit Saison joint venture, has offered digital asset-backed loans since 2020. As reported by TradingView News, Fintertech currently lends up to $3 million against Bitcoin or Ether with annual rates of 4% to 8% and a 50% collateral ratio. The company's website lists loans for individuals and businesses with a minimum borrowing amount of 5 million yen ($31,000). In October 2025, Daiwa Securities began referring customers from branches across Japan to Fintertech, offering loans at annual rates of 4% to 8% for personal use, business funding and property purchases. Fintertech is owned 80% by Daiwa Securities Group and 20% by Credit Saison.
CRYL's launch reflects Japan's expanding Bitcoin credit market as lenders and securities firms test new collateral products nationwide. According to TradingView News reports, Metaplanet Securities, yen stablecoin issuer JPYC and tokenization infrastructure provider Progmat announced a study into using BTC as collateral or credit enhancement for digital corporate bonds and other blockchain-based credit instruments. Unlike the loan products offered by CRYL and Fintertech, this Metaplanet initiative remains at the research phase, with companies stating no issuance has been decided. Meanwhile, institutional platforms are expanding crypto financing products, with BitGo launching a unified crypto financing platform for institutional borrowing against custody-held assets.
