Binance Japan has entered into a capital and business alliance with PayPay Corporation, with the SoftBank Corp. group company acquiring a 40% equity stake in the digital asset exchange. PayPay is one of Japan's leading financial services providers, operating a cashless payment service with over 70 million users.
The partnership aims to connect PayPay's payment infrastructure with Binance's blockchain technology and digital asset capabilities. Binance is a blockchain ecosystem and the world's leading cryptocurrency exchange by trading volume.
Under the agreement, the two companies will co-develop products and services that bridge cashless payments and digital assets. Initial initiatives under exploration include enabling cryptocurrency purchases within the Binance Japan app using "PayPay Money" and allowing Binance Japan users to select "PayPay Money" as a withdrawal option when selling crypto assets.
Masayoshi Yanase, Corporate Officer of PayPay Corporation and Head of the Finance Business Strategy Division within the Finance Business Group, said:
"PayPay has been advancing digital finance through smartphones in collaboration with our group companies in the financial sector, which share strong synergies with payments. By investing in Binance Japan which is a part of Binance, the world's largest digital asset exchange by trading volume, we will provide Binance users with solutions that combine the convenience and security of PayPay. We will continue contributing to the development of Japan's financial infrastructure by enabling a wide range of financial services tailored to user needs."
Masayoshi Yanase, Corporate Officer of PayPay Corporation and Head of the Finance Business Strategy Division within the Finance Business Group
The alliance brings together PayPay's user base and payment infrastructure experience with Binance's global presence in digital assets. The collaboration will focus on technology integration between cashless payment systems and cryptocurrency trading services.
Takeshi Chino, General Manager for Binance Japan, said:
"This strategic alliance represents a significant step toward the future of digital finance in Japan. By combining PayPay's extensive user scale with Binance's innovative technology, we will be able to make Web3 more accessible to people across the country and deliver secure, seamless digital assets services. Binance Japan will continue to drive the growth of Web3 ecosystem in Japan."
Takeshi Chino, General Manager for Binance Japan
Binance Japan operates as a subsidiary of Binance, providing cryptocurrency trading services in the Japanese market. The company aims to leverage Binance's global expertise and blockchain technology to serve users in Japan's digital financial market.
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.png&w=3840&q=75 "PayPay Acquires 40% Stake in Binance Japan to Bridge Payments and Digital Assets")
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