Spanish retail company ‘El Corte Inglés’, Europe’s biggest department store and third-largest worldwide, has made its foray into the crypto world after announcing the launch of an exchange platform in partnership with consulting firm Delloite.
Company President Marta Alvarez and CEO Victor del Pozo have applied to EUIPO (European Union of Intellectual Property Office) for the registration of ‘Bitcor’ – the department store’s very own cryptocurrency exchange. Bitcor will allow the trade of Bitcoin, Ethereum, and other cryptocurrencies.
Bitcor will also provide financial and blockchain services and currency exchange transactions, which come together to represent a part of El Corte Inglés’ diversification strategy to explore new markets.
El Corte Inglés and Deloitte contacted tech company Minos Global in order to set up the platform. The exchange will aim to capitalize on the base of clients who already have an El Corte Inglés credit card, of whom, in Spain alone, there are currently 11 million clients who own El Corte Inglés credit cards.
All El Corte Inglés clients will be eligible to register on Bitcor to invest in cryptocurrencies without the need for intermediates or high commission rates.