El Corte Inglés has opted to enter the cryptocurrency world despite the opposition of the major central banks and the majority of regulatory agencies.
According to sources, the distribution business has recruited Deloitte to construct a technology platform via which it may offer this new investment concept to the more than 11 million users registered with its credit card.
The ‘holding’ controlled by Marta lvarez Guil has entrusted the consultant with creating a new firm, Bitcor, allowing its clients to purchase and sell currencies such as bitcoin and ethereum.
El Corte Inglés enters the crypto realm
Last year, El Corte Inglés registered Bitcor with the European Union Intellectual Property Office (Euipo) to offer “financial services, financial activities relating to currency exchange and currency trading.”
Last summer, the European Commission granted the corporation clearance after no resistance or accusations against the brand was filed by any natural or legal person.
After months of internal debate about the suitability of entering the world of alternative investments, El Corte Inglés has decided to take the plunge and entrust itself to Deloitte.
It will be assisted by Minos Global, a company specializing in Blockchain technology founded by former Deloitte employees.
El Corte Inglés’ decision coincides with Six Group, the owner of the Spanish stock exchange, partnering with LMAX Group, the leading provider of currency and cryptocurrency trading platforms for institutional investors, to offer cash-settled and centrally cleared futures on crypto assets.
Investors will be able to invest in bitcoin and ethereum futures paid in dollars, which will be traded 24 hours a day, seven days a week.
However, European supervisory authorities (the European Banking Authority, the European Securities and Markets Authority, and the European Pension and Retirement Insurance Authority, respectively, EBA, ESMA, and Eiopa) have recently issued warnings to consumers that many crypto assets are highly risky and speculative.
As a result, “they are not acceptable as an investment, a method of payment, or exchange for the bulk of retail customers,” they say.
El Corte Inglés clients are primarily retailers, or small savers, who will now be able to participate in mutual and pension funds, according to a business agreement inked with the insurance giant.
According to sources close to the shopping center firm, Bitcoin will be one of several options for average investors or those looking to diversify.