El Corte Ingles is the third-largest Spanish retailer and distributor. It is reportedly launching an own cryptocurrency exchange. It is expected that the goal will be to leverage its existing customer base and reach investors. El Corte Ingles customers are small savers who might be interested in investing in cryptocurrency through a well-known company rather than turning to newer, more obscure brands.
To help serve its more than 11,000,000 customers, the company has partnered up with Deloitte to create a platform. Bitcor will be the new exchange and offer cryptocurrency such as bitcoin and ethereum.
Customers of the company will have another investment option through this new platform. They also have access to many other investment opportunities via El Corte Ingles.
Spanish Companies, Crypto and Opposition
This is seen as a natural step in expanding the brand’s reach. Bitcor was registered with the European Union Intellectual Property Office via fast-track. The goal is to offer ‘financial service, financial transactions related currency exchange and foreign trade trading’, hinting at possible launch of a cryptocurrency exchange.
El Corte Ingles, however, isn’t the only Spanish company to be serious about cryptocurrency investments. Six Group, currently the operator of the Spanish Bourse, has also partnered recently with LMAX Group, one of the most institutionally-focused global fintech companies to enable its users to invest crypto futures.
The company was forced to have an internal discussion to decide if it would follow this route due to the EU and country regulations. Different institutions warned against using cryptocurrencies as investment vehicles.
After receiving complaints from people who had lost their money after investing in crypto, the Spanish ombudsman recently referred cryptocurrency to a “new problem” in a report. The EU supervisory bodies have also made a complaint about crypto, saying that the assets are not suitable for investment or payment.