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, 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. Tags in this story Big Four, Bitcoin, crypto exchange, Cryptocurrency, Deloitte, El Corte Ingles, Spain

What do you think about El Corte Ingles launching its own cryptocurrency exchange operation? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. NFT Sales Slid Lower This Week, Cronos NFT Volume Jumps 236% Higher, Azuki Collection Rises  NEWS | 4 hours ago 81.79 "Sleeping Bitcoin" From 2011 Worth $3.6M Moved for the First Time in Over a Decade NEWS | 6 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHow to Easily Prepare Your Crypto Taxes – Koinly Founder Robin Singh Explains Next articleEuropean Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report

India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.British Investment Bank HSBC Joins Metaverse via Sandbox, Animoca Brands Partnership Instagram Is Working on Bringing NFTs to the Platform in the "Near Term," Says Meta CEO Mark Zuckerberg Elliptic Identifies "Several Hundred Thousand Crypto Addresses" Tied to Russia-Based Sanctioned Actors Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says