PayPay Corp., a Japanese digital payments solutions provider and a subsidiary of SoftBank Group, announced the acquisition of a 40% stake in Binance Japan, a move aimed at capitalizing on the rapidly growing crypto market in the country.
The announcement came in a joint statement issued Thursday by the two companies, without disclosing the financial value of the deal.
The new partnership will allow users to purchase cryptocurrencies on the Binance platform using their PayPay accounts, enhancing integration between digital payments and crypto asset trading.
This move comes as the cryptocurrency market in Japan is booming, with transaction value doubling during the first seven months of the year to 33.7 trillion yen (approximately $230 billion), reflecting the growing interest in digital assets among Japanese investors.
