PayPay, in which Binance holds a 40% stake in Japan, Soars 15.6% on IPO Debut

BlockBeats News, March 13th, SoftBank-backed Japan's largest cashless payment provider PayPay officially landed on the NASDAQ. According to Bitget data, the IPO's first-day stock price rose 15.6% from the $16 issuance price to $18.5, with a total market value of $12.37 billion.

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 established a capital and business alliance with Binance Japan, aiming to connect digital payments with cryptocurrency, allowing users to provide funds for purchases and withdraw earnings through PayPay Money. PayPay was founded in 2018 as a joint venture between a SoftBank subsidiary and Yahoo Japan.