Gate News Report, March 12 — SoftBank-backed Japan’s largest cashless payment provider PayPay officially listed on NASDAQ on March 13. Its IPO opened at $16 per share and rose 15.6% to $18.50, with a total market capitalization of $12.37 billion. PayPay currently has over 70 million registered users and dominates the mobile payment market in Japan. In October last year, PayPay acquired a 40% stake in a cryptocurrency exchange and formed a strategic partnership to connect digital payments with cryptocurrencies, allowing users to fund purchases and earn returns through PayPay Money. PayPay was founded in 2018 as a joint venture between SoftBank’s telecom subsidiary and Yahoo Japan.
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