Binance Japan, operated by the Japanese investment holding company SoftBank Group, is enhancing its payment infrastructure with the integration of new payment rails from PayPay. This move follows SoftBank Group's recent investment in the platform.
Binance Japan and PayPay have launched a new integration service utilizing PayPay Money, an electronic money service that facilitates free peer-to-peer transactions among PayPay users. This integration allows Binance Japan users to purchase crypto assets directly using PayPay Money funds and to withdraw their crypto holdings to their PayPay Money accounts.
This development signifies Binance Japan's first expansion beyond traditional bank transfers in Japanese yen for crypto transactions. The integration comes after PayPay acquired a 40% stake in Binance Japan in October.
Streamlined Deposits and Withdrawals
With the integration of PayPay Money, Binance Japan clients can now execute both deposits and withdrawals with a single click when engaging in the buying or selling of crypto assets on the spot trading platform.
According to PayPay, the minimum amount for these transfers begins at 1,000 yen, approximately $6.50, with transactions available around the clock. To utilize this payment method, Binance Japan users are required to complete identity verification on both the Binance Japan app and the PayPay app, and provide consent for linking their accounts.
At the time of launch, deposit fees are waived, while the withdrawal fee is a fixed 110 yen, equivalent to $0.60. Daily deposit limits are capped at 1 million yen ($6,380), with a monthly limit of 2 million yen ($12,760). These same limits apply to withdrawals.
The announcement also specifies that withdrawals may be unavailable if the PayPay Money balance limit is exceeded.
SoftBank's Growing Crypto Investments
SoftBank, a prominent Japanese financial company, has been actively pursuing investment opportunities within the cryptocurrency sector.
Among its notable crypto ventures, SoftBank has provided backing to Twenty One Capital, recognized as one of the world's largest publicly traded companies with significant Bitcoin exposure, holding approximately 43,500 BTC, valued at around $3.7 billion.
The recent integration with Binance Japan occurs as SoftBank continues its efforts to facilitate a listing for PayPay in the United States. Reports indicate that investors anticipate its valuation to surpass 3 trillion yen ($20 billion) in a potential U.S. initial public offering, which could take place as early as December.