PayPay, with 40% ownership by Binance Japan, seeks to raise up to $1.1 billion in an IPO on Nasdaq

BlockBeats News, March 3rd. According to CoinDesk, PayPay, Japan's largest cashless payment provider backed by SoftBank, is seeking to raise up to $1.1 billion in the Nasdaq IPO, with a valuation expected to exceed $10 billion. PayPay plans to issue 55 million American depositary shares at a price of $17 to $20 per share, with the stock symbol "PAYP." The offering was scheduled to launch on Monday but was delayed due to global market turbulence caused by the weekend Middle East conflict.

PayPay currently has over 70 million registered users, dominating the Japanese smartphone payment market. In October last year, PayPay acquired a 40% stake in Binance Japan and formed a capital and business alliance with Binance Japan, aiming to bridge digital payments with cryptocurrency, allowing users to fund purchases and withdraw earnings through PayPay Money. PayPay was established in 2018 as a joint venture between a SoftBank subsidiary and Yahoo Japan.