Sunday, September 25, 2022
HomeTechnologyEl Corte Inglés and Deloitte team up to launch a Crypto exchange

El Corte Inglés and Deloitte team up to launch a Crypto exchange

El Corte Inglés, the world’s third-largest department store chain, has teamed up with Deloitte, one of the “big four” accounting companies, to create and operate a cryptocurrency exchange for the company’s 11 million registered consumers. According to sources close to the negotiations, the shop has recruited Deloitte to construct a technology platform through which it can offer crypto trading to users registered with its credit card, as revealed by Spanish news portal Cotizalia last week.

With the help of Deloitte, El Corte Inglés has established a new company called Bitcor, which will allow its customers to purchase and sell digital currencies such as bitcoin (BTC), ether (ETH), and others. El Corte Inglés registered Bitcor with the European Union Intellectual Property Office (Euipo) last year to offer “financial services, financial activities relating to currency exchange and currency trading.”

According to sources, the decision to enter the crypto realm came after months of internal debate about the suitability of doing so. For its part, Deloitte will be backed by Minos Global, a blockchain-focused Spanish startup founded by former Deloitte employees.

El Corte Inglés’ move into crypto-asset futures trading coincides with Six Group, the Spanish stock exchange’s owner, forming a partnership with LMAX Group, a provider of currency and cryptocurrency trading platforms for institutional clients, to launch crypto-asset futures trading. Thanks to this arrangement, professional investors will be able to invest in bitcoin and ethereum futures that are settled in dollars.

Read more: MEXC Global, crypto exchange, touches USD 150 million in development fund

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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