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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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.
Technology Versus Speculation Distinction
- Onigiri persevered through the FTX-era downturn by distinguishing blockchain infrastructure from crypto speculation.
- They saw institutions quietly experimenting with DLT and judged the technology itself as investable despite bearish crypto markets.
Leapfrogging Drives Crypto Adoption
- Emerging markets show retail leapfrogging into crypto, often exceeding traditional stock ownership.
- This consumer adoption creates fertile ground for blockchain financial products tailored to these markets' needs.