Europe’s biggest department store group, El Corte Inglés, is launching a crypto exchange
A top Europe retailer has a plan to launch its crypto exchange
El Corte Ingles, Spain’s third-largest retailer and distributor, will launch its own cryptocurrency exchange.
With the goal of offering “financial services, financial transactions related to currency exchange and foreign exchange trading,” the company registered the Bitcor name with the European Union Intellectual Property Office (EUIPO) via fast-track, hinting at the possibility of launching a crypto exchange since last year.
The objective, according to sources, is to capitalize on the company’s present customer portfolio, with an investor target already established. El Corte Ingles’ customers are small savers who, the company believes, could be interested in investing in cryptocurrencies through a well-known company rather than going to younger companies.
The startup has teamed up with Deloitte, one of the Big Four accounting companies, to help build a platform to serve the over 11 million users who have signed up for its credit card. Bitcor will be the name of the new exchange, which will provide such as bitcoin, ethereum, and others.
Customers of the company will have access to a variety of different investment alternatives through El Corte Ingles’ services, including this new platform.
However, El Corte Ingles is not the only company in Spain that is taking this kind of virtual assets seriously. Six Group, the current owner and operator of the Spanish stock exchange, recently collaborated with LMAX Group, one of the world’s largest institutionally focused fintech firms, to allow its customers to participate in cryptocurrency futures.
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