Binance Japan and PayPay Corporation have entered into a capital and business alliance aimed at advancing digital finance in Japan.

As part of the agreement, PayPay has acquired a 40% equity stake in Binance Japan.

The partnership combines PayPay’s user base and experience in cashless payment infrastructure with Binance’s blockchain expertise and leadership in digital assets.

The collaboration will focus on developing products and services that integrate cashless payments with digital assets, providing a more seamless financial experience for users.

Initially, the alliance will enable Binance Japan users to make deposits and withdrawals via PayPay Money, a digital wallet service offered by PayPay.

This service allows users to store money digitally and make payments at a range of merchants, online stores, and for peer-to-peer transfers.

Masayoshi Yanase, Corporate Officer of PayPay Corporation and Head of the Finance Business Strategy Division within the Finance Business Group, said:

“By investing in Binance Japan, the Japanese subsidiary 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, added:

“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 asset services. Binance Japan will continue to drive the growth of Japan’s Web3 ecosystem.”

Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik