PayPay Takes a 40% Stake in Binance Japan
Binance Japan has entered into a capital and business alliance agreement with PayPay, a cashless payment service provider. Through this partnership, PayPay has acquired a 40% stake in Binance Japan.
This partnership represents a collaboration between PayPay, the leading cashless payment company used by over 70 million people in Japan, and the Binance Group, which operates the world's largest cryptocurrency trading platform and possesses innovative technological capabilities. The goal is to provide Japanese users with highly convenient new financial experiences.
Through this partnership, both companies will leverage their respective strengths to jointly develop innovative services and advance technological collaboration that connects cashless payments and digital assets. As an initial step of the partnership, both companies are considering the following collaborative measures:
- Implementation of cryptocurrency purchases using "PayPay Money" within the Binance Japan app
- Development of a system allowing users to select "PayPay Money" as their withdrawal destination when selling cryptocurrencies
As the Japan subsidiary of the Binance Group, which possesses the world's largest cryptocurrency ecosystem, Binance Japan has provided a safe and reliable trading environment domestically by leveraging global expertise and the innovative technological capabilities of its platform. Through this partnership, the partners will pioneer new possibilities for seamlessly integrating cashless payments and cryptocurrencies, and promote the evolution of digital finance in the Japanese market.
Statement from Masayoshi Yanase, Executive Officer of PayPay Co., Ltd., Head of Financial Strategy Division, Financial Business Group: "PayPay has advanced digital finance through smartphones alongside affiliated companies within its financial group that have compatibility with payments. Through this investment in Binance Japan, the Japan subsidiary of Binance, the world's largest cryptocurrency exchange service provider, we will provide users who use Binance with solutions that combine PayPay's convenience and safety. We will continue to contribute to the development of Japan's financial infrastructure by providing diverse financial services tailored to user needs domestically."
Statement from Takeshi Chino, Representative Director of Binance Japan Co., Ltd.: "This partnership represents an extremely important step toward the future of digital finance in Japan. By combining PayPay's overwhelming user scale with Binance's innovative technology, I am confident that we can make Web3 more accessible to more people throughout Japan and provide secure and convenient cryptocurrency services. Binance Japan will continue to contribute to the development of Japan's Web3 ecosystem."
Norbert Gehrke
