Spain’s Most Famous Department Store Goes Crypto — Quartz

El Corte Inglés, the third-largest store in the world and the largest in Spain, is the latest established retailer to dabble in crypto. The company plans to launch its own cryptocurrency exchange, Spanish website El Confidencial (link in Spanish) reported, calling on Deloitte to help develop a platform.

Although cryptocurrency is still far from being widely used, the Spanish retailer is reportedly joining a growing but disparate list of companies getting into cryptocurrency, including Overstock.com, Starbucks and AT&T. Sotheby’s, meanwhile, also started accepting bitcoin and ethereum last year for its auctions, including the sale of a diamond over 100 carats.

By accepting crypto, companies say they meet customers where they are. Not only does this help increase consumer spending, but it also helps attract a new, younger customer, which department stores urgently need.

Western government regulators, however, have warned consumers about the risks of holding crypto. Earlier this month, the White House said digital assets can pose a “significant financial risk” to consumers and businesses, while European supervisors issued a statement last week claiming that cryptocurrency n was not suitable for most retail consumers as an investment or as a form of payment or exchange due to its volatility.

El Corte Inglés could use cryptography in its many business sectors

El Corte Inglés began in 1935 as a tailor’s shop, eventually expanding its business to encompass not only retail through department stores and grocery stores, but also travel, property management and insurance.

Last year, the retail giant filed a European patent for “bitcor” for use in financial services. He also signed an agreement with the financial services company Grupo Mutua with the aim of extending asset management services to El Corte clients. Bitcor will be among the offerings for these plans, according to El Confidencial.

The company did not immediately respond to a request for comment.