El Corte Ingles is one of Spain’s largest distributors and retailers. Now, it has made its first steps into cryptocurrency. According to reports, the company will launch its own cryptocurrency exchange in order for its customers. Deloitte was hired to create a new platform for customers who want to trade cryptocurrencies.
El Corte Ingles Goes Crypto
El Corte Ingles in Spain is third-largest retailer and distributor. Now, it’s launching its own cryptocurrency trading platform. According to reports, the company’s goal is to capitalize on its existing customers and have a target for investors. El Corte Ingles’ customers include small savers who might be more interested in investing through a company they know than looking at newer companies.
Deloitte has been partnered by the company to provide a platform that can serve more than 11million customers associated to its credit card. Bitcor will become the new exchange and offer cryptocurrency such as bitcoin and ethereum.
This new platform will be one more investment option for customers of the company, who have access to various other investment opportunities through El Corte Ingles’ services.
Spanish Businesses, Crypto and Opposition
Some see this as an logical step towards the brand’s expansion. The company registered the Bitcor name with the European Union Intellectual Property Office (EUIPO) via fast-track, with the goal of offering “financial services, financial transactions related to currency exchange and foreign exchange trading,” hinting at the possibility of the launch of a crypto exchange since last year.
El Corte Ingles does not represent the only company taking crypto investments in Spain seriously. Six Group is the Spanish bourse’s current operator and owner. LMAX Group was also recently partnered with LMAX Group to enable its users to make investments in crypto futures.
Due to EU regulations, which include warnings from different institutions against investing in cryptocurrencies, the company needed to engage in internal discussions before deciding to follow the path.
Just recently, the Spanish ombudsman referred to cryptocurrencies as a “new problem” in a report after having received complaints about people having lost their funds after investing in the same. The EU’s supervisory bodies have called crypto out, saying that the assets cannot be used for investment or payment.
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