El Corte Inglés chose to enter the world of cryptocurrency despite opposition from major central banks and the majority of regulatory agencies.
According to sourcesthe distribution business has commissioned Deloitte to build a technological platform through which it will be able to offer this new investment concept to the more than 11 million registered users with its credit card.
The “holding” controlled by Marta Ivarez Guil entrusted the consultant with the creation of a new company, Bitcor, allowing its customers to buy and sell currencies such as bitcoin and ethereum.
El Corte Inglés enters the realm of crypto
Last year, El Corte Inglés registered Bitcor with the European Union Intellectual Property Office (Euipo) to offer “financial services, financial activities related to foreign exchange and currency trading”.
Last summer, the European Commission granted clearance to the company after no resistance or accusation against the brand was filed by any natural or legal person.
After months of internal debate on the advisability of entering the world of alternative investments, El Corte Inglés decided to take the plunge and confide in Deloitte.
He will be assisted by Minos Global, a company specializing in Blockchain technology founded by former Deloitte employees.
The move by El Corte Inglés coincides with Six Group, the owner of the Spanish stock exchange, partnering with LMAX Group, the leading provider of forex and cryptocurrency trading platforms for institutional investors, to offer cash-settled and centrally cleared futures contracts on crypto assets.
Investors will be able to invest in bitcoin and ethereum futures contracts paid in dollars, which will be traded 24 hours a day, seven days a week.
However, the 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 warned consumers that many crypto assets are highly risky and speculative.
As a result, “they are not acceptable as an investment, form of payment or exchange for the bulk of retail customers,” they say.
El Corte Inglés’ customers are mainly traders, or small savers, who will now be able to participate in mutual funds and pensions, according to a commercial agreement signed with the insurance giant.
According to sources close to the mall firm, Bitcoin will be one of many options for average investors or those looking to diversify.