Binance Japan, the local subsidiary of global crypto exchange Binance, has formed a capital and business alliance with Japan's PayPay Corporation, with PayPay acquiring a 40% equity stake in the local crypto exchange.
In a press release shared with The Block on Thursday, Binance said the partnership aims to combine PayPay's 70 million-user payment network with Binance's blockchain technology to create a connection between digital payments and crypto assets. PayPay has acquired a 40% stake in Binance Japan.
PayPay, a SoftBank Corp. group company, is one of the largest digital cashless payment services in Japan. Binance and PayPay plan to co-develop products and services that integrate their technologies, enabling users to experience both fiat and crypto-based transactions more fluidly, according to the statement.
Initial initiatives include enabling Binance Japan users to purchase cryptocurrencies using "PayPay Money" directly within the Binance Japan app, and allowing them to select "PayPay Money" as a withdrawal option when selling crypto assets.
"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," Takeshi Chino, general manager for Binance Japan, said in the statement.
Binance Japan, registered with the Kanto Local Finance Bureau as a crypto asset exchange operator, has been providing spot trading and earn products since August 2023.
