One of the largest department stores in the world - El Corte Ingles - is planning to launch a cryptocurrency exchange with the help of Deloitte in its development. Although cryptocurrency is far from being widely used in Spain, it’s just one of the steps necessary for a potential transition. The famous Spanish department store is not the only company to invest and research new types of payment systems. They are just joining a quickly growing list of businesses like Starbucks or Sotheby’s.
While Spanish and European regulators are still unclear about the implications of the widespread cryptocurrency usage, retailers resort to accepting payments in virtual currencies in a desperate attempt to attract new younger customers and also to increase overall consumer spending. El Corte Ingles alone may use cryptocurrency all across its businesses including retail, grocery shops, travel agency, insurance, and property management among others.
Recently, the Spanish newspaper “El Confidencial” reported that El Corte Ingles filed an EU patent for “Bitcor” for the use in financial services as well as signed the deal with Grupo Mutua to expand their services of asset management for El Corte Igles customers. With the idea of offering cohesive financial services and modern solutions of the 21st century to its clients.
With many aspects of this transition and the Spanish or European legislation on cryptocurrency still in debate, El Corte Ingles did not respond immediately to the comment requests from other news sources.
By: Danila Kozlov