MIAMI--(BUSINESS WIRE)--Coro Global Inc. (OTCQB: CGLO) (the “Company”) today announced its subsidiary Coro Corp. has been granted a Money Transmitter license by the State of Alabama’s Securities Commission.
As a result, Alabama residents will have access to CORO - a payment app that allows customers to exchange, send and save gold and U.S. dollars easily and securely.
CORO is now available in the Apple App and Google Play stores to residents of Florida, Alabama, Arizona, Arkansas, Alaska, D.C., Delaware, Idaho, Montana, Massachusetts, Oregon, South Carolina, Washington State and Wisconsin. The company intends to release CORO in additional U.S. states over the coming months.
Alabama’s economy is expected to shrink by 3.4% in 2020, but depending on how well households fare against the pandemic, a rebound may be possible by 2021. The Company believes Alabamian families can better protect their finances by saving their money in gold - the world’s oldest and most resilient form of money. Gold has historically survived (and even thrived) through periods of economic turmoil: this year it reached record high prices, despite stock market crashes.
“People need to know their money is safe, and at the moment, traditional financial institutions and Wall Street aren’t all that reassuring,” said J. Mark Goode, CEO of Coro Global Inc. “Even if people know about the benefits of gold, they may not know how to actually use it as money - that’s why we’ve made it as easy as downloading an app.”
The approved Alabama license authorizes Coro to transmit currency, monetary value, or payment instruments within Alabama, as well as from the state to other jurisdictions. To obtain the license, Coro was required to implement a rigorous compliance program and develop an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as a strict financial audit process.
For Coro, ensuring the security of customers’ money and personal data has always been a priority. That is why the CORO app runs on the state-of-the-art hashgraph distributed ledger technology (DLT) to protect against cyberattacks and operate at revolutionary speeds.
The gold in CORO customers’ digital wallets will always be matched by physical gold held in a secure safe, insured and verified by the world leader in precious metals trading, Dillon Gage.
About Coro Global Inc.
Coro Global Inc. is a Miami, Florida-based fintech company that is creating a new financial payment system where gold can be used as money in everyday transactions as easily as fiat currencies. Coro's platform is powered by cutting-edge Distributed Ledger Technology, allowing customers to send and receive global payments and exchange currency, including gold, seamlessly and securely.
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Matters discussed in this press release contain forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason except as may be required under applicable law.