Spanish Retailer El Corte Ingles Plans to Launch Crypto Exchange

The new exchange called Bitcor has already registered with the European Union Intellectual Property Office (EUIPO) via fast-track, hinting at the possibility of launching a crypto exchange since last year.

The new platform will be one more investment option for customers of the company, who have access to various other investment opportunities through El Corte Ingles’ services. The firm believes that its customers could capitalize on the nascent asset class through a well-known company rather than going to a newer company.

Spanish Regulators Concerned on Crypto

El Corte Ingles is not the only Spanish company to jump on the crypto bandwagon. Six Group, the operator of the Spanish bourse, also partnered with LMAX Group recently, one of the largest institutionally focused global fintech companies, to allow its users to invest in crypto futures. However, the company is in a period of deliberation due to the regulatory situation in the country and in the EU.

Just recently, the Spanish ombudsman referred to cryptocurrencies as a “new problem” in a report after having received complaints about people having lost their funds after investing in the same. EU supervisory organizations have also called out against crypto, saying they are not good for investments or as a means of payment.