El Corte Inglés, an iconic institution in Spain, and the third largest department store in the world, is reportedly preparing to launch a crypto exchange in partnership with Deloitte. According to a report by El Confidencial, Spanish department store El Corte Ingles is in the process of setting up its own cryptocurrency exchange. The biggest department store in Europe is a key part of Spanish distribution, and has now set its sights on the cryptocurrency market.  El Corte Inglés registered the name Bitcor last year with the European Union Intellectual Property Office (Euipo), placing them in a position to allow their clients to buy and sell cryptocurrencies. With the help of Deloitte (a Big Four firm), El Corte Inglés is reportedly looking to build a platform that will offer cryptocurrency services for its 11 million existing credit card customers. The Bitcor crypto exchange, is expected to offer bitcoin and ethereum, as well as other well-known cryptocurrencies. The iconic spanish brand faced a difficult period during the pandemic, particularly with the rise of online sales, and the closure of many other brick and mortar stores during the pandemic. El Corte Inglés’ rival, Spanish fashion giant and owner of Zara, Bershka, and Pull & Bear, has also contributed to the challenges that El Corte Inglés is currently facing. In an attempt to connect with the under 30 demographic, the company is looking to reinvent itself through new lines of business, with the cryptocurrency exchange being one way to attract a younger audience. The partnership with financial services giant Deloitte follows the financial services giant "State-Sponsored Cryptocurrency” report that highlighted the benefits of central bank digital currencies (CBDC) as well as the areas where Bitcoin can help traditional currency improve,, with the report noting: “[Bitcoin] could ultimately spawn a series of new opportunities that would [...] transform the current payments system into one that is faster, more secure, and less expensive to run.” While cryptocurrency in Spain has no specific regulation, cryptocurrencies can not be used as legal tender, but are considered assets and are taxable as such.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice