PayPal has started allowing people to pay for things using cryptocurrency on its platform, Reuters has reported.

The online payment platform is used by around 29 million merchants, and the new cryptocurrency payment service will be available at all of them in the coming months, the company said.

It will work by converting the cryptocurrency into traditional money—also known as fiat currency—which is what the merchant will receive.

A formal announcement by PayPal is expected later on Tuesday. Dan Schulman, CEO of PayPal, told Reuters: “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”

For now, the service will only be available for four cryptocurrencies—Bitcoin, Ether, Bitcoin Cash, and Litecoin.

PayPal already allows people to buy and sell those four cryptocurrencies using its platform, in a service it launched in October last year.

PayPal’s expected announcement will come just one day after card company Visa said it would allow customers to use the USDC cryptocurrency to settle transactions.

This is a breaking news story and will be updated as more information becomes available.

Newsweek