Spain’s El Corte Ingles, one of Europe’s largest departmental store groups, has stepped into the world of digital assets after launching its crypto exchange. The new exchange, called ‘Bitcor’ will be made in consultation with Deloitte and will offer bellwethers Bitcoin and Ethereum, among others.
The firm is targeting its 11 Million customers, who are small savers and could be well suited for crypto investments. The new platform will be an added mode of investment for El Corte Ingles’ customers, who already receive a range of investment opportunities from the firm.
Spanish residents will be all too familiar with the growing influence of crypto in the country, with some household names venturing into the space of late. For instance, Santander Group, the largest banking group in Spain, made headlines recently after launching a new loan product backed by grain-based crypto tokens. Telefonica, the biggest telecom operator in the country, considered its allowing users to pay in cryptocurrencies while also detailing plans to enter the metaverse.
The latest entries have come despite the Governments’ skeptical view of cryptocurrencies. In January, the Spanish government added more oversight to crypto advertisements, feeling the need to inform investors of the ‘risks’ associated with crypto. Furthermore, digital assets are not accepted as legal tender in the nation and tax authorities must be informed about any individual crypto holdings. The profits obtained from crypto trading are also subject to a capital gains tax of 19%-23%.
However, regulations have not deterred residents from ignoring the crypto wave. As per data aggregator Triple-A, 2.5% of Spaniards own cryptocurrencies, one of the highest ownership fractions in Europe. Local soccer legends, such as Andres Iniesta, often familiarize fans with digital assets through promoting various crypto-related ventures.