PayPay Corporation, a SoftBank company best known for its cashless payment service with over 70 million users, has acquired a 40% stake in Binance Japan, a subsidiary of the world's leading cryptocurrency exchange.    

The strategic alliance brings together PayPay's extensive user base and expertise in building Japan's leading cashless payment infrastructure with Binance's innovative blockchain technology and global leadership in digital assets. Together, the two companies aim to deliver a seamless financial experience for users in Japan by connecting cashless payments and digital assets.

Through this partnership, both companies will jointly develop innovative products and services, and collaborate on advancing technology integration that bridges cashless payments and digital assets.  As an initial step, the partners will explore initiatives such as enabling crypto 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.

Binance Japan is dedicated to providing a secure and reliable trading environment leveraging Binance's global expertise and innovative blockchain technology. Through this alliance, Binance Japan aims to unlock new possibilities by connecting cashless payments with digital assets, driving further innovation in Japan's digital financial market.

Masayoshi Yanase, corporate officer of PayPay Corporation and head of the finance business strategy division within the finance business group, comments: "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."

Takeshi Chino, general manager of Binance Japan, adds: "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 the Web3 ecosystem in Japan."