It's a momentary contact switch, commonly used as a sustain pedal for keyboards. It could be used as a footswitch to change kits, patterns etc. You'd want to Y it and have a second one to go up and down.
Yes, you need one pedal to go down and one to go up. Most of these pedals are very inexpensive, so it's not a big expense. I believe Roland sells a pre-made Y for this purpose, perhaps someone can help with a model number.
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