PayPay, which holds a 40% stake in Binance Japan, plans to go public on Nasdaq and aims to raise up to $1.1 billion

According to CoinDesk, SoftBank-backed Japan's largest cashless payment provider PayPay is seeking to raise up to $1.1 billion in a Nasdaq IPO, with a company 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 ticker "PAYP." The offering was originally scheduled to launch on Monday but was postponed due to global market turmoil triggered by the weekend's Middle East conflict. PayPay currently has over 70 million registered users, dominating Japan's 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 cryptocurrencies, allowing Binance Japan users to fund purchases and withdraw earnings through PayPay Money. PayPay was founded in 2018 as a joint venture between SoftBank's telecom subsidiary and Yahoo Japan.