Spanish Retailer El Corte Ingles Launches Crypto Exchange in Partnership With Deloitte

Spanish Retailer El Corte Ingles Launches Crypto Exchange in Partnership With Deloitte – El Corte Ingles, the third-largest retailer and distributor in Spain, is reportedly aiming to launch its own cryptocurrency exchange.

According to reports, the idea is to leverage on the company’s existing client base, with an investor target already in place. El Corte Ingles’ customers are little savers who, according to the firm, would prefer to invest in cryptocurrencies through a well-known corporation rather than deal with a smaller one.

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The company has partnered with Deloitte, one of the Big Four accounting firms, to help establish a platform to support its over 11 million credit card users. The new exchange will be known as Bitcor, and it will provide cryptocurrencies such as ethereum, bitcoin, and others.

Also Read: Qatar Central Bank Studying Digital Banks and CBDCs

El Corte Ingles customers will have access to a number of investment options, including this new platform, through the company’s services.

This appears to some to be a logical step in the brand’s development. The company registered the Bitcor name with the European Union Intellectual Property Office via fast-track with the aim of offering financial transactions related to currency exchange and foreign exchange trading, hinting at the possibility of launching a crypto exchange since last year.

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El Corte Ingles, on the other hand, is not the only company in Spain that has been taking bitcoin seriously.

Six Group, the current owner and operator of the Spanish stock exchange, recently collaborated with LMAX Group, one of the world’s largest institutionally focused fintech firms, to allow its users to participate in cryptocurrency futures.

Due to the country’s and EU’s regulatory environments, the company had to go through an internal debate before opting to go down this path, with several organizations warning against the usage of cryptocurrencies as investment vehicles.

Also Read: EU Members Want to Task New AML Watchdog With Crypto Oversight

The Spanish Ombudsman recently referred to cryptocurrencies as a “new concern” in a report after getting complaints regarding people losing money while investing in them.

Crypto has also been singled out by EU regulators, who say that the assets are unfit for use as investments or payment methods.

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