According to a report revealed by El Confidencial, El Corte Inglés hired Deloitte to release its digital asset exchange.
The most prominent Group of department stores based in Spain, El Corte Inglés, showed its position to jump into the crypto world. According to the most recent information, El Corte Ingles’s position seems clear that it is still moving forward, intending to create its exchange.
Last year, El Corte Inglés made a petition to register a trademark with the European Union Intellectual Property Office. The trademark registration got called “Bitcor.” According to filing request #018434202, the Spanish entity, through Bitcor, intended to offer various services and financial transactions linked to currency swaps, purchases, and sale of assets.
Although crypto did not appear in the request, familiar sources highlighted at the time that it played a role in the project to do business with them. That is why the brand name is so similar to Bitcoin.
A Partnership with Deloitte
Although there was no critical news about the project for almost a year, a report has come from the Spanish media El Confidencial, filtered by other media outlets. However, it does not have official sources. Neither El Corte Inglés nor Deloitte has spoken to confirm or deny the news.
According to the report, El Corte Inglés has hired Deloitte, considered the largest consulting entity worldwide, to develop a technological platform to offer investments in digital assets to the more than 11 million users subscribed with its credit card.
The commercial holding company has sought a consultant to start up the company, called Bitcor, which will allow, among other things, its clients to buy and sell currencies such as Bitcoin or Ethereum. As we said, the Bitcor registry got already under debate in May of last year.
After many months of internal debate on the suitability of exploring this world of alternative investments, El Corte Inglés decided to move forward and recruit Deloitte, which will get backed up by Minos Global, an entity focused on Blockchain technology created by former employees of Deloitte.
The media expressed that the decision of El Corte Inglés coincides with the step taken by Six Group to ally with LMAX Group, the primary operator of currency and crypto trading platforms for institutional investors.
However, he says that at the same time, European supervisory authorities have warned consumers that many crypto assets are hazardous and speculative. For this reason, they consider that they don’t fit as an investment or as a method of payment or exchange for most consumers.
By: Jenson Nuñez
