What Crypto Garage does

Crypto Garage, Inc. is a Tokyo-based B2B digital asset infrastructure company founded in September 2018 as a joint venture between publicly listed Digital Garage, Inc. (TSE: 4819) and The Tokyo Tanshi Co., Ltd. It operates as a registered crypto asset exchange service provider under the Kanto Finance Bureau (No. 00029) and targets Japanese financial institutions, brokerages, corporates, and selected public-sector and education clients with regulatory-compliant cryptocurrency financial services.

Its core product suite is the SETTLENET family, built on Blockstream's Liquid Network and Bitcoin: SETTLENET PRO provides crypto inter-dealer brokerage and settlement, SETTLENET CUSTODY offers institutional-grade digital asset custody with added Ethereum staking from March 2024, and SETTLENET OTC handles large-block OTC trades. Beyond SETTLENET, Crypto Garage operates mahola, a managed blockchain backend service on AWS Japan that lets enterprises and local governments run node infrastructure without in-house operations, plus a dedicated R&D group focused on Discret Log Contracts (rust-dlc open-source contributions, TransparenKey accepted at IEEE Blockchain 2022 and 2025) and a Blockchain Dev unit for custom integration work. Strategic technology and capital partners include Blockstream, Nomura Holdings (October 2021 strategic investment, with a Komainu collaboration), and NEC Corporation, with whom it is developing a next-generation multi-bank custody system targeted for 2027.

Crypto Garage's business model is B2B and fee-based: institutional custody fees, OTC spreads, settlement/transaction fees on SETTLENET PRO, subscription revenue from mahola, and project-based revenue from Blockchain Dev consulting and joint proof-of-concept work with partners such as Daiwa Securities, Pacific Meta, SKY Perfect JSAT, and government and education clients. Go-to-market relies on direct institutional sales supported by the distribution networks of its shareholders (Digital Garage, Tokyo Tanshi, Nomura) and on co-marketing channels via partners like Blockstream, AWS Japan, and Pacific Meta, with strategic investor Nomura functioning as both a capital and credibility anchor for Japanese regulated finance.

Name

Crypto Garage

Legal name

Crypto Garage, Inc.

Website

https://cryptogarage.co.jp

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Crypto Garage is a Tokyo-based B2B digital asset infrastructure company that provides regulated cryptocurrency settlement, custody, OTC trading, and blockchain backend services to Japanese financial institutions and corporations. It operates as a joint venture of Digital Garage and Tokyo Tanshi, backed by Nomura Holdings and built on Blockstream's Liquid Network and AWS.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

akta.pro secondary industry

Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD)

Keywords

• Institutional crypto custody
• Digital asset settlement
• Crypto inter-dealer brokerage
• Blockchain backend services
• Over-the-counter crypto trading

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. SETTLENET Settlement and Brokerage Services: Fees earned from providing brokerage and settlement services between Japanese crypto asset exchanges and liquidity providers, including DvP settlement solutions and trade execution. SETTLENET enables crypto inter-dealer transactions on the Liquid Network with non-custodial gross instant settlement.
2. SETTLENET CUSTODY: Custody fees charged for safekeeping and management of institutional clients' digital assets. Assets are segregated per customer with institutional-grade security.
3. SETTLENET OTC Trading: Revenue generated from OTC desk operations providing competitive pricing and deep liquidity for large digital asset trades executed directly with clients.
4. ETH Staking Service: Ethereum staking service as part of SETTLENET CUSTODY, allowing clients to earn rewards on ETH holdings while assets remain securely custodied.
5. mahola Blockchain Backend Services: Fees for blockchain backend services under the mahola brand, supporting web3 service development including wallet management, NFT operations, and API services.
6. Blockchain Development and R&D Services: Engineering and consulting services for blockchain development, smart contract implementation, wallet development, and web3/NFT system design for corporate clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Crypto Garage is a Japan-regulated, B2B-focused digital asset infrastructure firm that develops and operates SETTLENET — a suite of institutional services (crypto inter-dealer brokerage and atomic-swap DvP settlement, institutional digital asset custody with ETH staking, and OTC trading) on the Blockstream Liquid Network — together with the mahola blockchain-backend platform for corporate web3 services (NFT issuance, wallet, API) and bespoke Blockchain Dev / R&D engineering for financial institutions and enterprises.

Product overview

Crypto Garage operates a multi-product digital asset financial services portfolio built on blockchain technology and compliant with Japanese domestic regulations. The core offering is SETTLENET, a suite comprising SETTLENET PRO (crypto inter-dealer brokerage and settlement), SETTLENET CUSTODY (institutional-grade digital asset custody with ETH staking), and SETTLENET OTC (large-trade OTC services). Adjacent to SETTLENET is mahola, a blockchain backend service brand on AWS providing mahola wallet (private key management for NFT/custody) and mahola api (blockchain backend API for web3 services). Additional offerings include R&D (Bitcoin/DLC research with academic publications), Blockchain Dev (custom development services), and developer tools such as the rust-dlc library and UTXO Manager API for Liquid Network. Together, these products address the full digital asset lifecycle from trading and settlement through custody, web3 integration, and blockchain research.

Differentiator

Problem solved

Functional benefit

Brands

• SETTLENET PRO: Crypto inter-dealer brokerage and settlement services for trading companies, exchanges, asset managers, and brokers in the crypto asset market.
• SETTLENET CUSTODY
• SETTLENET OTC
• mahola

Products and services

• SETTLENET PRO Crypto inter-dealer brokerage and settlement service enabling price discovery, trading, and net settlement for crypto trading firms, exchanges, asset managers, and brokers on the Liquid Network, with non-custodial gross instant DvP settlement via atomic swaps and JPYS yen-denominated token support.
• SETTLENET CUSTODY Japan-regulated institutional digital asset custody service providing world-class security, segregated per-customer asset management, AML/CFT-compliant backend, and ETH staking functionality.
• SETTLENET OTC Over-the-counter trading service for large digital asset trades providing competitive pricing, deep liquidity, and personalized execution directly with Crypto Garage's expert team, without requiring a crypto exchange.
• mahola Blockchain backend service built on AWS that lets companies build and operate web3 services (NFT projects, wallets, token gates, smart-contract operations, blockchain-data marketing) without blockchain-layer expertise; combines mahola wallet private-key management with mahola api blockchain-backend service.
• Blockchain Dev Professional blockchain development service for corporate and financial-institution clients covering blockchain node development, smart contract implementation, wallet development, and web3/NFT system design tailored to client needs.
• R&D Cutting-edge Bitcoin-technology research focusing on Discreet Log Contracts (DLCs), Lightning Network, and the Liquid Network, including contributions to open-source specifications, IEEE-academic publications, and applied research for partners.

Quantifiable outcome

• Non-custodial gross instant DvP settlement completed in approximately 2 minutes on average
• +5 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature8 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Pacific Meta, Inc.flagshipStrategic or Co-development Partner · 18 August 2025Joint consulting package launched August 2025 for corporate crypto treasury strategies. Pacific Meta brings Web3 strategy and business development experience supporting over 150 firms including leading corporations. Crypto Garage contributes as Japan's only B2B crypto custody provider with expertise in legal and operational custody services and crypto treasury domain experience. End-to-end advisory includes strategy formulation, tax/accounting/legal advisory, custody structuring, risk management, and executive education. Pacific Meta is a 'Web3 Accelerator' headquartered in Tokyo with capital of JPY 850 million.
• NEC CorporationcoreStrategic or Co-development Partner · 5 June 2025Joint project to build an institutional-grade cryptocurrency custody system for financial institutions, institutional investors, and corporations in Japan. NEC handles front-end applications optimized for financial institution workflows, client applications, and custody system infrastructure leveraging the 'NEC BluStellar Modernization Program for Financial Institutions.' Crypto Garage provides advanced private key management technology (wallets, signatures) and AML/CFT-compliant backend. Development starts 2026, targeted launch 2027 aligned with Japan's revised Financial Instruments and Exchange Act. Consortium formation with financial institutions is planned.
• Nissan Motor Co., Ltd.flagshipImplementation/ SI/ Consulting Partner · 12 December 2024Crypto Garage provided technical support for Nissan's 'NISSAN PASSPORT BETA' web3 customer experience platform. Services included advisory for web3 business operations, general blockchain development support, and mahola blockchain backend service. The platform offers membership NFTs (5,523 issued), exclusive wallets, Discord-based online community, and an experience-based rewards program. Nissan PASSPORT aims to transcend boundaries between automaker and customers.
• SKY Perfect JSAT CorporationflagshipStrategic or Co-development Partner · 4 December 2024Basic agreement signed December 2024 for co-creating web3 business and services targeting the creator economy market. SKY Perfect JSAT (Japan's largest Multi-channel Pay TV platform 'SKY PerfecTV!' and streaming service 'SPOOX') and Crypto Garage aim to build an ecosystem where creators publish work and strengthen connections with users freely and sustainably. PoC for a 'creator support platform' planned starting January 2025 to validate behavioral change drivers in creators and viewers.
• Amazon Web Services Japan G.K.coreTechnology or Integration · 9 October 2024mahola blockchain backend service leverages Amazon Web Services (AWS). AWS provides the infrastructure platform for mahola, combining AWS services with Crypto Garage's services to ensure practicality and high security. AWS Enterprise Support is utilized. Comment from Yukiko Sato, Director of Digital Services Business Unit at AWS Japan emphasized security importance and ongoing support.
• GREENING Co., Ltd.minorStrategic or Co-development Partner · 12 September 2024Business alliance (Sep 2024) to develop a timeshare real estate platform in the RWA (Real World Asset) domain. GREENING (hotel and commercial facility operator including Michelin Key-awarded Numazu Club, MUSTARD HOTEL, BIRD HOTEL, GARDEN HOUSE) contributes hospitality and real estate management expertise for the platform where ownership/use rights are tokenized as RWAs.
• Decentier, Inc.minorStrategic or Co-development Partner · 12 September 2024Business alliance (Sep 2024) to develop a timeshare real estate platform in the RWA domain. Decentier (web3 consulting and product development firm with mission 'creating a world where all things can be exchanged on the blockchain') contributes RWA strategy and web3 domain expertise. The platform is the first step toward web3 mass adoption in the RWA area.
• Eiken Foundation of JapanminorImplementation/ SI/ Consulting Partner · 24 May 2024Technical support for 'Digital Certificate' issuance for EIKEN test (practical English proficiency test) and EIKEN CSE scores via the 'Lifelong Learner Account' digital version. Crypto Garage provided private key management technology through DOU, inc. Digital certificates follow W3C Verifiable Credentials standard, making test results tamper-proof like paper certificates. Capable of issuing over 8.5 million certificates — Japan's largest-scale electronic certificate by a domestic certification organization.
• fanbase company Inc.minorStrategic or Co-development Partner · 13 December 2023PoC collaboration for 'Digital Membership for Fans' with Shiwa Town (Iwate Prefecture, Oct 2023). fanbase company (Nomura Holdings joint venture providing fan community design and management support) designed promotional benefits and experiential events. Crypto Garage provided mahola wallet and mahola api for token issuance on the blockchain. The PoC verified increased fan satisfaction and community participation motivation.
• Komainu Holdings LimitedcoreStrategic or Co-development Partner · 1 November 2023Collaboration to build best-in-class institutional crypto service levels in Japan. Komainu (Nomura-backed digital asset custodian, joint venture of Nomura, CoinShares, and Ledger) and Crypto Garage (first B2B custody in Japan) joined forces to develop advanced custody solutions for Japanese institutional clients. Combined expertise aims to establish a robust institutional crypto service ecosystem in Japan with trust, security, and compliance. Headquartered in Jersey with offices in London, Dublin, Dubai, and Singapore.
• PitPa Inc.minorImplementation/ SI/ Consulting Partner · 11 April 2023Crypto Garage provided blockchain backend services for PitPa's NFT degree certificate issuance project for Chiba Institute of Technology graduates (Class of 2023). First case in Japan of a university converting degree certificates into NFTs. mahola wallet managed issuer private keys; mahola api handled transaction creation and broadcast management. NFT images contain only graduation confirmation; personal information (name, degree, department) issued as Verifiable Credentials.
• Blockstream CorporationcoreTechnology or Integration · 1 December 2018Technology partnership for Liquid Network development. Blockstream (Victoria, Canada; CEO: Adam Back) launched the Liquid Network, a Bitcoin sidechain for inter-exchange settlement. Crypto Garage develops SETTLENET products for Liquid Network members and received equity investment from Blockstream. Digital Garage made a USD 10 million additional investment in Blockstream in December 2018 to strengthen the partnership.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Fireblocks: Global institutional digital asset custody, settlement, and infrastructure platform serving banks, exchanges, and asset managers. Comparable as an institutional crypto custody and settlement infrastructure provider, though globally scaled and broader in scope than Crypto Garage's Japan-focused offering.
• Hex Trust: Asia-headquartered institutional digital asset custodian with licenses across multiple jurisdictions. Closely comparable to Crypto Garage's institutional custody and staking offerings for the Asian institutional market, with greater geographic breadth.
• Anchorage Digital: US OCC-chartered digital asset bank offering institutional custody, trading, and staking services. Directly comparable as an institutional crypto infrastructure provider with regulatory status similar to Crypto Garage's FSA registration, but operating at much larger scale in US/global markets.

Direct peers

• Coincheck (Monex Group): Major Japanese crypto exchange owned by Monex Group (TSE listed). Operates as a registered crypto asset exchange service provider with JVCEA membership — directly comparable regulatory status to Crypto Garage, though targeting retail and pro trading rather than Crypto Garage's B2B institutional focus.
• bitFlyer: One of Japan's largest FSA-registered crypto asset exchanges, serving retail and increasingly institutional clients. Comparable to Crypto Garage as a regulated Japanese crypto exchange and settlement venue, though bitFlyer's GTM is broader retail while Crypto Garage focuses on B2B institutional.
• SBI VC Trade: Subsidiary of SBI Holdings operating crypto exchange services in Japan under FSA registration. SBI Holdings' broader crypto strategy (including SBI HashHub) and JVCEA membership place it among Japan's regulated institutional crypto service competitors to Crypto Garage.
• BITPOINT (SBI Holdings): Japanese crypto exchange operated by SBI Holdings with FSA registration. Comparable as a Japan-based registered crypto asset exchange service provider and JVCEA member; potential overlap with Crypto Garage on B2B services and stablecoin/distribution as SBI expands institutional offerings.
• Komainu Holdings: Nomura-backed institutional digital asset custodian (JV of Nomura, CoinShares, Ledger) headquartered in Jersey. Both Komainu and Crypto Garage serve Japanese institutional crypto custody, and they have an explicit collaboration agreement, making Komainu the most direct peer and partner-competitor in Japanese B2B custody.

Emerging players

• Blockstream: Developer of the Liquid Network on which SETTLENET is built and a strategic technology partner plus equity investor in Crypto Garage. While Blockstream is a partner, it also develops its own institutional crypto infrastructure (e.g., Blockstream AMP), making it both enabler and potential competitor in the Liquid-based institutional ecosystem.
• Pacific Meta: Tokyo-based Web3 accelerator that launched a joint consulting package with Crypto Garage in August 2025 for corporate crypto treasury strategies. While a partner rather than direct competitor, Pacific Meta supports 150+ firms in Web3 strategy and represents adjacent competitive pressure in the corporate crypto advisory space.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/cryptogarageinc
• GitHubgithub.com/cryptogarageinc
• LinkedInlinkedin.com/company/crypto-garage

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crypto Garage