PayPal is about to launch its cryptocurrency service for merchants across the US, according to Reuters. It is set to announce today that its service has gone live and will be rolled out to its 29 million merchants across the next few months.

“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,” PayPal CEO Dan Schulman told Reuters.

The checkout service will allow those holding cryptocurrency on the platform to spend it with all of PayPal’s merchants. The payments company will, however, convert the cryptocurrency to fiat money for the actual payment.

“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” Schulman added.

This move comes just a week after Tesla accepted Bitcoin as a means of payment for its cars—and not long after Tesla made a $1.5 billion investment in Bitcoin itself.

This story is breaking and will be updated shortly.

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