A renowned mobile payment service operator owned by Japanese investment firm SoftBank Group, PayPay Corporation has entered into a capital and business partnership with Binance Japan to make Web3 more accessible in Asia. PayPay confirmed the development in a press release on Thursday, where it added that the acquisition includes a 40% equity stake in the Japan subsidiary of the global exchange. 

Through the partnership, PayPay and Binance Japan plan to launch an integrated service. As revealed, this service allows users purchase crypto asset within the Binance App using PayPay Money, and withdraw funds into PayPay Money.

The payment service provider noted that, as it continues to evolve from a cashless payment business into a comprehensive digital financial platform, it aims to bring new value to users and support the development of Japan’s financial infrastructure.

Masayoshi Yanase, a corporate officer at PayPay, responded to the partnership by saying that PayPay has been pushing forward with digital finance through smartphones, working closely with its group companies in the financial sector, which complement its payment services. He also added that by investing in Binance Japan, PayPay will be able to offer Binance users solutions that combine the ease and security of PayPay.

Binance Japan’s General Manager, Takeshi Chino, also reacted to the new partnership by highlighting that the PayPay integration with Binance represents a significant step forward in broadening payment options and making operations more convenient. He also explained that the platform enables users to deposit and withdraw Japanese yen through bank transfers. Chino further noted that by combining PayPal’s large user base with Binance’s innovative technology, Web3 will become more accessible across the country, ensuring the delivery of secure and seamless digital asset services.

Binance partners with Franklin Templeton

Meanwhile, in another development, the world’s largest cryptocurrency exchange by trading volume has partnered with Franklin Templeton, a renowned global investment leader managing over $1.6 trillion in assets to develop new digital asset initiatives and products. The partnership also sought to bridge the gap between the scale of traditional finance with the agility of a decentralized market.

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