Operated by SoftBank, the backer of one of the world’s top 10 public Bitcoin holders, PayPay is integrating with Binance Japan ahead of its expected US IPO in December.
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PayPay, a payment service operated by the Japanese investment holding company SoftBank Group, is integrating new payment rails on Binance Japan following its investment in the platform.
Binance Japan and PayPay have launched a new integration service with PayPay Money, an electronic money service that peer-to-peer transactions between PayPay users free of charge.
With the integration, Binance Japan users can now purchase crypto assets using PayPay Money funds, as well as withdraw their crypto holdings directly to PayPay Money.
The move marks Binance Japan’s first expansion beyond bank transfers in Japanese yen, following in October.
With PayPay Money, Binance Japan clients can execute both deposits and withdrawals with a single click when buying or selling crypto assets on the spot trading platform.
According to PayPay, the minimum amount for these transfers starts at 1,000 yen (around $6.50), and the transactions are available around the clock.
To proceed with the payment, Binance Japan users must complete identity verification on both the Binance Japan app and the PayPay app, and consent to linking their accounts.
At launch, the deposit fee is free, while the withdrawal fee is fixed at 110 yen ($0.60). Maximum deposits are limited to 1 million yen ($6,380) daily and 2 million yen ($12,760) monthly, with the same limits applied to withdrawals.
Withdrawals are also unavailable if the PayPay Money balance limit is exceeded, the announcement notes.
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SoftBank is a major Japanese financial company, and it has been actively exploring investment opportunities in crypto ventures.
Among its notable crypto investments, , one of the world’s largest publicly traded companies with Bitcoin () exposure, holding around 43,500 BTC ($3.7 billion).
The latest Binance Japan integration comes as SoftBank to push for a PayPay listing in the US, with investors reportedly expecting its valuation to exceed 3 trillion yen ($20 billion) in a US initial public offering that could come as early as December.
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