SoftBank’s PayPay Launches Crypto Payments For Binance Japan

Payment service PayPal, run by Japanese investment holding company Softbank Group, is integrating new payment rails on Binance Japan following its investment in the platform.

Binance Japan and PayPal have launched a new integration service with PayPay Money, an electronic money service that allows free peer-to-peer transactions between PayPal users.

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 funds.

The move marks Binance Japan’s first expansion outside of bank transfers into the Japanese yen, following its acquisition of a 40 percent stake in PayPal in October.

Deposits and minimums less than $7

With PayPay money, Binance Japan clients can process both deposits and withdrawals with one click when buying or selling crypto assets on the spot trading platform.

According to PayPal, the minimum amount for these transfers starts at 1,000 yen (about $6.50), and transactions are available around the clock.

To proceed with payment, Binance Japan users must complete identity verification on both the Binance Japan app and the PayPay app, and consent to link their accounts.

At launch, deposit fees are free, while withdrawal fees are set at 110 yen ($0.60). Maximum deposits are limited to 1 million yen (¥6,380) per day and 2 million yen (¥12,760) per month, with the same limits applied to withdrawals.

Withdrawals are also not available if the PayPay money balance limit is exceeded, the announcement notes.

Related: Metaplanet Eyes $135M Raise to Buy More Bitcoin Through New Class B Shares

Softbank is a large Japanese financial company, and it is actively looking for investment opportunities in crypto ventures.

Among its notable crypto investments, SoftBank has backed Base One Capital, one of the world’s largest publicly traded companies with exposure to Bitcoin (BTC), with approximately 43,500 BTC (73.7 billion).

Binance Japan’s latest merger comes as SoftBank continues to push for a U.S. listing of PayPay, with investors reportedly expecting it to be valued at more than 3 trillion yen ($20 billion) in a U.S. initial public offering that could come as early as December.