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El Corte Inglés, the world’s third-largest department store and Spain’s largest, is the latest well-known shop to enter the crypto market.
According to the Spanish publication El Confidencial (link in Spanish), the corporation is preparing to start its own cryptocurrency exchange and has enlisted the expertise of Deloitte to develop a platform.
Learn why retailers are stepping into the crypto world
While bitcoin is still in its infancy, the Spanish retailer would be joining a growing but diverse list of corporations who are playing in it, including Overstock.com, Starbucks, and AT&T. Meanwhile, Sotheby’s began taking bitcoin and Ethereum for their auctions last year, including the sale of a 100-carat diamond.
Companies claim that by taking cryptocurrency, they are reaching clients where they are.
It not only helps raise consumer spending but also attracts new, younger shoppers, which department stores desperately need.
Consumers in the West, on the other hand, have been warned about the dangers of holding cryptocurrency by government regulators. The White House said earlier this month that digital assets can pose a “significant financial risk” to consumers and businesses alike, while European supervisory authorities said last week that due to its volatility, crypto is not suitable for most retail consumers as an investment, a means of payment, or exchange.
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Where El Corte Inglés can use crypto?
El Corte Inglés might use cryptocurrency in a variety of ways.
El Corte Inglés began as a tailor’s shop in 1935 and has since expanded its operations to
include not just retail through department shops and grocery stores, but also travel, property management, and insurance.
The retail behemoth filed an EU patent for “bitcor” for use in financial services last year. It also announced a contract with Grupo Mutua, a financial services company, to expand asset management services to El Corte consumers. According to El Confidencial, Bitcor will be included in those plans.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
