El Corte Inglés, the third largest department store in the world and Spain’s biggest, is the latest established retailer to jump into crypto. The company is planning to launch its own cryptocurrency exchange, Spanish website El Confidencial reported (link in Spanish), enlisting Deloitte to help develop a platform.
While cryptocurrency is still far from widely used, the Spanish retailer would be joining a growing but disparate list of companies dabbling in cryptocurrencies that includes Overstock.com, Starbucks, and AT&T. Sotheby’s, meanwhile, also began accepting bitcoin and ethereum last year for its auctions, including the sale of a more than 100-carat diamond.
By accepting crypto, companies say they are meeting customers where they are. Not only does it help increase how much consumers spend, but it helps attract a new, younger shopper, something that department stores urgently need.
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