Buy now, pay later operator Zip Co says it will allow customers to pay for goods or services in cryptocurrencies, and also invest in the fast-growing asset class.

At a retail investor briefing on Tuesday, Zip provided new details of how it aims to expand the services it offers beyond instalment loans, as it seeks to challenge traditional financial firms.

Co-chief executive of its US business, Brad Lindenberg, said it viewed the underlying blockchain technology as the source of major change to the financial system, and it wanted to participate in the “revolution.“

“We are firm believers that what we are witnessing is a new financial system that’s emerging. The innovation around crypto right now feels like the internet did in 1995,” he said.

“So fast-forward a few years, and we are likely to witness structural change across the underpinnings of how our money flows and how our financial system is stitched together.“

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“We don’t know exactly where this going to land, however, every day it becomes more clear we need to be part of this movement,” he said.

He said its surveys had found Zip customers were far more likely to trade in cryptocurrencies, so it would launch products allowing customers to invest in cryptocurrencies, or use them to go shopping. The products would initially be launched in the US, he said, but the longer-term plan was to roll them out globally.

“As crypto gains in popularity, we want to be there, and we want to be ready with the infrastructure that will allow our customers to grow. And buy, hold, sell and pay with crypto.“

Zip shares were down 3.3 per cent to $6.80 around lunchtime. Rival Afterpay also last week talked up the potential of cryptocurrencies to cut merchants’ payment costs.