Japanese lender CRYL has launched Bitcoin-backed loans ranging from 1 million yen to 1 billion yen, or about $6,200 to $6.2 million.
Summary
- CRYL offers Bitcoin-backed loans from $6,200 to $6.2 million for individuals and businesses across Japan.
- Borrowers pay annual rates between 3.5% and 7%, with collateral ratios ranging from 40% to 60%.
- Japan’s Bitcoin credit market is expanding as lenders and securities firms test new collateral products nationwide.
The service allows individuals, sole traders and companies to obtain yen without selling their Bitcoin. CRYL began offering the product on July 9, according to its official launch announcement.
CRYL offers loans at annual rates from 3.5%
CRYL set annual borrowing rates between 3.5% and 7%. The company applies collateral ratios of 40% to 60%, depending on the borrower and loan terms.
The loans run for one year and may be extended. Most contracts require borrowers to repay the principal and interest in one lump sum at maturity. CRYL also allows additional borrowing under some credit-line agreements if the loan-to-value ratio remains below 60%.
Borrowers can use the funds for tax payments, living costs, business expenses and property purchases. The company offers separate plans for individuals, sole traders, property buyers and corporate customers.
However, CRYL requires applicants to pass its screening process. The lender also charges a 20% annual rate on overdue balances and warns customers that Bitcoin price changes may affect their collateral position.
Bitcoin serves as the only accepted collateral
CRYL accepts only Bitcoin as collateral. Borrowers transfer BTC to the lender while receiving the approved amount in Japanese yen.
The structure gives Bitcoin holders a way to access cash while keeping exposure to the asset. Selling Bitcoin can also create a taxable event in Japan when the holder records a gain.
CRYL described the product as an alternative to either holding or selling crypto. Still, taking a loan creates interest costs and repayment duties, while a decline in Bitcoin’s price can reduce the value of the pledged collateral.
The firm operates as a registered money lender in Tokyo and belongs to the Japan Financial Services Association. It is also part of the J-CAM group, which runs the BitLending crypto lending service.
Fintertech already offers crypto-backed lending
CRYL enters a market where Fintertech has offered digital asset-backed loans since 2020. Fintertech is a financial technology company linked to Daiwa Securities Group and Credit Saison.
Fintertech initially launched its service for companies and sole traders using Bitcoin collateral. The original product offered annual rates from 4% to 8%, a 50% collateral ratio and a one-year term.
The lender later expanded the service to individuals and added Ether as eligible collateral. Its current loans range from 5 million yen to 500 million yen, making CRYL’s advertised 1 billion yen ceiling twice as high.
In October 2025, Daiwa Securities began referring customers from branches across Japan to Fintertech. The expanded service offers loans for personal use, business funding and property purchases at annual rates of 4% to 8%.
Japan explores wider uses for Bitcoin credit
CRYL’s launch comes as more firms test ways to use Bitcoin in lending and capital markets. As previously reported by crypto.news, Metaplanet is studying Bitcoin-backed digital credit with JPYC and tokenization infrastructure provider Progmat.
That project will examine whether BTC can serve as collateral or credit support for digital corporate bonds. However, the companies have not launched a product or confirmed any issuance terms.
Crypto-backed borrowing is also expanding outside Japan. Strike recently launched Bitcoin-backed loans without price-triggered margin calls, although borrowers may pay rates of up to 14.2%.
Meanwhile, institutional platforms are offering larger financing products. Crypto.news previously reported that BitGo launched a unified crypto financing platform for institutions seeking to borrow against assets held in custody.
CRYL’s product gives Japanese Bitcoin holders another regulated route to obtain yen without selling their holdings. Its use will depend on borrower demand, screening decisions and how the lender manages collateral during sharp market moves.
