El Corte Ingles, one of the biggest retailers and distributors in Spain, has taken its first step into the cryptocurrency world. The company is reportedly launching its own cryptocurrency exchange for customers of its stores. The firm has enrolled the help of Deloitte to build a new platform that will allow its customers to access cryptocurrencies as investments.
El Corte Ingles Goes Crypto
El Corte Ingles, the third-biggest retailer and distribution company in Spain, is reportedly launching its own cryptocurrency exchange. The goal is reportedly to take advantage of its current customer portfolio, having an already established target regarding investors. The customers of El Corte Ingles are small savers that the company feels could be intrigued about investing in cryptocurrencies through a known company, instead of turning to other, newer brands.
The company has partnered with Deloitte, one of the Big Four firms, to help create a platform to serve the more than 11 million customers the organization has associated with its credit card. The new exchange will be called Bitcor, and will offer cryptocurrencies including bitcoin, ethereum, and others.
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 Companies, Crypto, and Opposition
To some, this is a logical move in the expansion of the brand. 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.
But El Corte Ingles is not the only company that is taking cryptocurrency investments seriously in Spain. Six Group, the current owner and operator of the Spanish bourse, also partnered with LMAX Group recently, one of the largest institutionally focused global fintech companies, to allow its users to invest in crypto futures.
However, the company had to go through an internal debate to decide to take this path due to the regulatory situation in the country and in the EU, with different institutions warning against the use of cryptocurrencies as investment vehicles.
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. EU supervisory organizations have also called out crypto, claiming the assets are not suited to be used as investments or as means of payment.