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- The third biggest retailer and distribution company, El Corte Ingles is launching its own crypto exchange.
- The company thinks it’s better if its customers are introduced to cryptocurrency investments through a known company rather than some known brand.
- Six Group, the owner and operator of the Spanish bourse currently, has also partnered with one of the largest institutionally focused global fintech companies, LMAX Group to allow its customers to invest in digital assets in the future.
As per the latest reports, Spain’s third-biggest retailer and distribution company, El Corte Ingles has announced the launch of its own cryptocurrency exchange. With the exchange, they aim to leverage its existing customer portfolio since it already has an established target regarding investors.
The company believes that its customers could be directed towards cryptocurrency investment, since they are small savers, via a known company instead of looking towards newer options.
El Corte Ingles has also collaborated with Deloitte, which is among the Big four companies, to assist in developing a platform that hosts over 11 million customers the organization has connected with its credit card. The new exchange is dubbed Bitcoin and has cryptocurrencies including leading cryptocurrencies such as Bitcoin and Ethereum.
The customers of the company, in the form of this new platform, will have one more option along with other existing investment opportunities through the services of El Corte Ingles.
Criticism Against Crypto And Other Spanish Firms Becoming Pro-Crypto
Many believe the launch was the next obvious step toward brand expansion. Through fast-track, the company has registered its name as Bitchor with the European Union Intellectual Property Office (EUIPO). The goal of the company with it is to provide financial transactions and services “related to foreign exchange trading and cryptocurrency exchange,” signaling toward a possible launch of a cryptocurrency exchange last year.
Interestingly, El Corte Ingles is not the only firm in Spain to take cryptocurrency exchange investments seriously. Recently, the owner and operator of the Spanish bourse at the moment, Six Group has also collaborated with one of the largest institutionally focused global fintech companies, LMAX Group to enable its customers to invest in digital assets in the future.
However, the company had an internal discussion over the decision to go on this path because of the current regulatory situation in the country and the European Union, as various institutions gave warnings against the cryptocurrencies’ use as investment vehicles.
Quite recently, after having received complaints from people who lost their funds after investing in digital assets, the Spanish ombudsman described cryptocurrencies as a “new problem” in a report. The supervisory organizations of the EU calling out cryptocurrencies stated that the assets are not suitable for making investments or even as a payment method.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
