PayPal will let customers buy cryptocurrencies and use them for online payments

PayPal Holdings Inc. plans to allow customers to buy cryptocurrency through their accounts and use cryptocurrency for merchant payments.

The company announced Wednesday that it is introducing a way for customers to buy, hold, and sell certain cryptocurrencies within the PayPal PYPL, +4.57% wallet. This will roll out over the coming weeks in the U.S.

Initially, PayPal users will be able to buy Bitcoin BTCUSD, +4.73%, Ethereum ETHUSD, +4.32%, Bitcoin Cash BCHUSD, +7.51%, and Litecoin LTCUSD, +11.11%. PayPal intends to bring this function to its Venmo platform and to certain international markets in the first half of next year.