SoftBank-backed Japan's leading payment app PayPay acquires 40% stake in Binance Japan

BlockBeats News, October 9, Binance Japan has signed a capital and business alliance agreement with PayPay. PayPay will acquire a 40% stake in Binance Japan.

The announcement stated that through this cooperation, the two companies will leverage their respective strengths to jointly develop innovative services and promote the integration of cashless payments and digital assets. As a first step in the collaboration, the two companies are considering the following cooperative measures:

1. Binance Japan's app will introduce a feature to purchase cryptocurrencies using "PayPay Money";

2. Create a system that allows users to select "PayPay Money" as the withdrawal destination when selling cryptocurrencies.