One of Spain’s largest retailers and suppliers, El Corte Ingles, has made its first foray into the realm of cryptocurrencies. According to reports, the corporation is developing its own exchange firm for users of its retail stores in different locations. The organization has engaged Deloitte’s assistance in developing a digital portal that would enable its clients to invest in digital currencies.

El Corte Inglés Is Now Pro-crypto

El Corte Inglés, Spain’s third-largest retailer and supplier, is apparently planning to start its own crypto platform where users can invest in digital currencies. The objective, according to reports, is to use the company’s existing client base with an already defined target audience of potential investors. Clients of the retail giant are little savers who, the corporation believes, may be interested in making crypto investments via a well-known and trusted company rather than through these novel exchange platforms. 

The corporation has teamed with Deloitte,l to make this goal a reality. Deloitte is among the biggest companies in Spain, known as the Big Four. The company will assist the retail giant in the development of a digital platform to service the organization’s over 11 million credit card clients. Bitcor will be the name of the new crypto exchange and will trade digital currencies such as BTC, ETH, etc.

This new exchange firm will provide more investment opportunities for the company’s consumers, who already have direct exposure to a variety of other opportunities for investment using El Corte’s services.

Spanish Businesses, Cryptocurrencies, And The Resistance 

For many people, this move is a natural progression in the company’s growth. Since 2021, the organization has filed for a license for the Bitcor brand with the EUIPO (European Union Intellectual Property Office) through fast-track. The intention of the firm is to supply “financial services and operations connected to currency conversion, and trading of foreign currencies.”

However, the Spanish distributor is not the first to delve into crypto, as other corporations in Spain are enthusiastic about crypto investments. Six Group, owner of the Spanish stock exchange, has collaborated with a fintech group, LMAX Group. The Partnership is for customers of Six Group to participate in cryptocurrency futures investment. LMAX is among the biggest fintech businesses in the world. 

Yet, the corporation had to discuss this course of action internally owing to the legal environment in the nation and the European Union, with many organizations advising the public against engaging in crypto investments.

Lately, the Spanish watchdog described digital currencies as a “potential hazard” in a statement after receiving complaints from individuals who had lost money in crypto investment. The EU’s regulatory agencies have also condemned cryptocurrency, arguing it is unsuitable for investment purposes or a method of making payments. However, most countries have turned deaf ears to such warnings as they have endorsed cryptos as a payment method to broaden their payment options.

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