• El Corte Ingles, a Spanish retailer, has launched a cryptocurrency exchange in collaboration with Deloitte

  • El Corte Ingles, one of Spain’s largest retailers and wholesalers, has entered the cryptocurrency market for the first time. Customers of the company’s outlets would be able to use their own cryptocurrency exchange, according to reports. The company has enlisted the aid of Deloitte to develop a new platform that will allow clients to invest in cryptocurrency.

    El Corte Ingles Has Embraced Crypto

    El Corte Ingles, Spain’s third-largest retailer and distributor, is apparently planning to start its own cryptocurrency exchange. The goal, according to reports, is to capitalize on the company’s current customer base, with an investor target already set. El Corte Ingles’ clients are little savers who, the company believes, could be interested in investing in cryptocurrencies through a well-known company rather than going to younger brands.

    The company has teamed up with Deloitte, one of the Big Four accounting companies, to help build a platform to serve the over 11 million users who have signed up for its credit card. Bitcor will be the name of the new exchange, which will offer cryptocurrencies such as bitcoin, ethereum, and others.

    Customers of the company will have access to a variety of different investment alternatives through El Corte Ingles’ services, including this new platform.

    Cryptocurrencies, Spanish Companies, and Opposition

    To some, this appears to be a logical step in the brand’s growth. With the goal of offering “financial services, financial transactions related to currency exchange and foreign exchange trading,” the company registered the Bitcor name with the European Union Intellectual Property Office (EUIPO) via fast-track, hinting at the possibility of launching a crypto exchange since last year.

    However, El Corte Ingles is not the only corporation in Spain that is taking cryptocurrency 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.

    However, due to the regulatory environment in the country and the EU, the company had to go through an internal debate before deciding to proceed down this path, with many organizations warning against the use of cryptocurrencies as investment vehicles.

    After receiving complaints about people losing money after investing in cryptocurrencies, the Spanish Ombudsman recently referred to them as a “new concern” in a report. Crypto has also been singled out by EU supervisory bodies, which argue the assets are unsuitable for use as investments or payment methods.

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