Spanish Retailer El Corte Inglés Launches Crypto Exchange In Partnership With Deloitte

El Corte Ingles and Deloitte launches Bitcor to enable cryptocurrency exchange and transactions.

In the quest to break into blockchain technology and launch decentralized apps, multiple brands are coming together to form partnerships.
One of those recent partnerships is between El Corte Ingles and Deloitte.

While Deloitte is a giant in financial services, El Corte Ingles is a giant in retail store services.

The partnership will birth “Bitcor.” A cryptocurrency exchange platform.

In March 2021, El Corte Ingles launched the Business name “ Bitcor” with the European Union Intellectual Property Office (EUIPO).

Minos Global will handle the technical aspect and development of the platform by leveraging blockchain technology.

It is expected that the app will offer financial services, financial transactions related to currency exchange, and foreign exchange (forex) trading.

Big brands are going into partnerships and consensus with other giant business organizations to launch crypto-based platforms.

We have seen collaborations between financial organizations, blockchain developers, manufacturers, tech giants, and retailers in recent years.

In this context, we are witnessing the partnership between a “Big 4” Financial service provider and the largest departmental store in Europe.

Deloitte is a household name in Providing financial services worldwide, while El Corte Inglés is a giant department store across Spain.

The partnership is expected to launch a crypto exchange platform for its existing customers and the entire populace.

In this article, we shall identify the partnership between El Corte Ingles and Deloitte and the launch of the “Bitcor” exchange platform.

What Is El Corte Inglés

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El Corte Inglés is a Retail and departmental store founded in June 1940 with its headquarters in Madrid, Spain.

El Corte Ingles is the largest department store group in Europe and the third-largest globally.

Since 1988, El Corte Ingles has been a member of the International Association of Department Stores.

This retail giant has stores in Spain, the United Kingdom, Portugal, France, and Andorra.

El Corte Ingles products and services include clothing, jewelry, footwear, furniture, beddings, beauty products, housewares, etc.

As of 2018, El Corte Inglés has over 90,000 employees and a revenue of €15 783 billion.

El Corte subsidiaries include Hipercor, Superior, Bricor, Opencor, Viajes El Corte Inglés, and Informática El Corte Inglés.

Deloitte As A Financial Service Provider

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Deloitte Touche Tohmatsu Limited is a multinational professional service provider.

This professional service network is the world's largest in revenue and number of professionals, Popularly called Deloitte.

Deloitte was founded in 1845 in London, England, by William Welch Deloitte.

Deloitte is one of the “Big-four” accounting firms with offices spread across over 150 countries and territories.

Deloitte provides financial services that include Audit, management, consulting, Tax, Legal, Risk, and Financial advisory.

With over 345,374 employees and $50.2 billion as of 2021, Deloitte remains one of the best professional services providers globally.

The Partnership Between El Corte Ingles And Deloitte

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El Corte Inglés has about 11 million registered customers. These retail stores spread across Spain look forward to leveraging blockchain technology in partnership with Deloitte.

The partnership will see the launch of a centralized exchange platform called Bitcor. The launch of Bitcor will enable El Corte Ingles' customers (about 11 million) to engage in crypto trading and exchange using their credit cards.

They have about 11 million customers as registered patrons, already giving them a target audience to leverage. With reliable and acceptable crypto, exchange platforms serving this vast number of people will boost the organization.

The launch of Bitcor will make them a formidable stakeholder among organizations that provide crypto-based financial services.

In ensuring the launch of one of the best crypto exchange and Trading platforms, El Corte Inglés hires Deloitte.

Deloitte will develop a technological platform to strictly offer exchange and trading services using cryptocurrencies. The platform will enable you to exchange crypto tokens such as Bitcoin (BTC), Ethereum (ETH), and Altcoin pairings.

It is expected that Deloitte will engage the service and expertise of Minos Global for the development of Bitcor. A background check shows that Minos Global is a Spanish-based blockchain technology development firm.

A group of ex-employees of Deloitte came together and formed this firm strictly to develop and launch Blockchain solutions.

The Launch Of Bitcor

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The launch of Bitcor is a partnership between two big business organizations.

To advance this course and give it a corporate cum legal backing, El Corte Ingles has registered the Business name “ Bitcor” with the European Union Intellectual Property Office (EUIPO).

In March 2021, the retail giant registered “Bitcor El Corte Inglés” as a brand name. Both applications and name registration were approved the same year, giving the largest departmental store in Europe the copyright ownership of Bitcor.

The registration details aim to offer " financial services, financial transactions related to currency exchange and foreign exchange (forex) trading."

This detail shows that Bitcor will be a multipurpose platform that will primarily serve El Corte Inglés customers who have the stores' credit cards. The trading platform is expected to cover other crypto enthusiasts who are not customers of El Corte Ingles.

Conclusion

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This is not the first time two big brands are forming partnerships to launch a crypto-based platform or service. Experts are optimistic that more such partnerships will help launch smart and scalable platforms that leverage blockchain technology.

Even in Spain, El Corte is not the first to embrace the launch of a crypto-based platform. Spanish Bourse owner and Operator, Six Group also partnered with LMAX group, a Fintech giant, to launch its crypto platform.

We are, however, on the lookout for more such partnerships as the entire world is embracing blockchain technology and providing people with more options.



Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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