El Corte Inglés launches crypto exchange for its customers

What: The group has enlisted Deloitte to help develop a platform to offer the retailer’s 11 million-strong customer base a “new investment concept”. 

Why it is important: The decision is the result of an internal debate on the suitability of venturing into this world of alternative investments, and includes the creation of a new company called Bitcor, which will allow clients to trade digital assets like Bitcoin (BTC) and Ethereum (ETH). 

Bitcor has already been registered with the European Union Intellectual Property Office (EUIPO) to provide “financial services, financial transactions related to currency exchange and currency trading,” and approved by the European Commission.