Softbank Group Company Paypay, one of Japan’s largest digital payment apps, has acquired an equity share in Binance Japan as part of a new strategic partnership aimed at mixing cashless payments with access to cryptocurrencies.
The move brings together Paypay’s 70 million users and its widespread grocery network with Binance’s blockchain infrastructure, integrates PayPay Money, a smartphone-based digital wallet, in Binance Japan to allow users to buy crypto and withdraw money through the wallet.
Companies are planning to co-develop products that allow users to seamlessly buy, sell and save digital assets, according to a message.
“This strategic alliance represents a significant step towards the future of digital funding in Japan,” said Takeshi Chino, general manager of Binance Japan.
“By combining Paypay’s comprehensive user scale with Binance’s innovative technology, we will be able to make web3 more accessible to people across the country and deliver safe, seamless digital assets. Binance Japan will continue to drive the growth of the web3 ecosystem in Japan,” Chino added.
The move is coming as Japan increasingly adopts Cryptocurrencies, with several listed companies in the country that are now operating Bitcoin Treasuries. The largest of these companies, Metaplanet, has 30,823 BTC from writing.
The Japanese start -up JPYC is reportedly planning to issue the first stableecoin tied to yen this year.
