El Corte Ingels, one of the largest retailers and distributors in Spain, has taken its first steps in the cryptocurrency world. The company is reportedly launching its own cryptocurrency exchange for the customers of its store. The firm has enlisted the help of Deloitte to build a new platform that will allow its clients to use cryptocurrencies as an investment.
El Corte Ingalls Goes Crypto
El Corte Ingles, the third largest retailer and distribution company in Spain, is reportedly launching its own cryptocurrency exchange. The goal is reportedly to leverage its existing client portfolio, which has an already established target with respect to investors. El Corte Ingles’ customers are small savers that the company thinks others might be concerned about investing in cryptocurrencies through a known company, rather than turning to newer brands.
The company has partnered with Deloitte, one of the big four firms, to help build a platform to serve the organization’s more than 11 million credit card-connected customers. The new exchange will be called Bitcore, and will offer cryptocurrencies including Bitcoin, Ethereum, and others.
This new platform will be another investment option for the company’s clients, who have access to various other investment opportunities through the services of El Corte Ingles.
Spanish Companies, Crypto, and Cons
For some, this is a logical step in expanding the brand. The company registered the Bitcore name with the European Union Intellectual Property Office (EUIPO) via fast-track, with the goal of offering “financial transactions related to financial services, currency exchange and foreign exchange trading”, hinting at the possibility of a launch. While a crypto exchange from last year.
But El Corte Ingles isn’t the only company taking cryptocurrency investing in Spain seriously. Six Group, the current owner and operator of Spanish exchange, recently partnered with LMAX Group, one of the largest institutional-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 whether to take this path due to the regulatory situation in the country and the European Union, with various institutions warning against the use of cryptocurrencies as investment vehicles.
Recently, the Spanish Ombudsman referred to cryptocurrencies as a “new problem” in a report after receiving complaints about people losing their money after investing. EU supervisory organizations have also called out crypto, claiming that the asset is not suitable for use as an investment or as a means of payment.
What do you think about El Corte Ingles launching its own cryptocurrency exchange operation? Tell us in the comments section below.
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