PayPal will provide the ability to buy, sell, and store bitcoin and other cryptocurrencies. Its mobile payment service Venmo will add this capability in 2021, reports Reuters.

PayPal expects the new feature to spur global use of cryptocurrencies and prepare the network for central bank digital currencies.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” said PayPal CEO Dan Schulman.

It is expected that by early 2021, PayPal customers will be able to use Bitcoin to pay for goods at 26 million retail outlets. Cryptocurrency transactions will be automatically converted to fiat. This means that merchants will not have to go beyond the traditional system they are used to, PayPal noted.

The company received a limited license from the New York State Department of Financial Services to carry out the new function.

Representatives of the department noted that such a permit is issued to organizations that have entered into partnerships with licensed firms. In this case, PayPal cooperates with Paxos.