MIAMI--(BUSINESS WIRE)--Coro Global Inc. (OTCQB: CGLO) today announced its subsidiary Coro Corp. has been granted a Money Transmitter (“MT”) license by the State of Arizona’s Department of Financial Institutions.
The license furthers the Miami-based fintech company’s goal of creating a financial ecosystem in which gold can be used as easily as fiat currencies in everyday transactions. The CORO mobile app will allow users to buy and exchange gold as a currency, as well as send it to other users, faster, cheaper, and more securely than other payment apps.
Arizona has the unique advantage of being one of a growing number of U.S. states to accept gold as legal tender. Coro Global Inc. believes in the power of gold - the world’s oldest and most trusted form of money - to bring stability back into the financial system. That’s why the company believes its app will democratize access to the precious metal, enabling ordinary people across the United States to seamlessly tap into digital gold and redeem it as physical bullion at any time.
“We believe that all U.S. states should allow gold to be used freely as money,” said J. Mark Goode, CEO of Coro Global Inc. “Coro is the perfect fintech complement to Arizona’s empowering financial policies.”
The approved Arizona license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of Arizona, as well as between Arizona and other licensed jurisdictions. The licensing process required implementing a rigorous compliance program and developing an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as complying with strict financial audit and reporting requirements.
Arizona is one of a handful of U.S. states where gold and silver are considered legal tender, rather than a commodity, so the state does not charge tax on any gains made by rising gold or silver prices. The company believes that, with such progressive policies, Arizona allows its citizens to protect their savings using a stable alternative to the U.S. dollar, which risks losing value as the global recession continues and the U.S. government goes further into record deficit spending.
“Coro wants U.S. citizens to be able to use gold in its physical and digital forms, according to their preference,” said Goode. “That’s why we will send our users their gold balance in physical gold straight to their doorstep whenever they choose - a feature that will become available within a few months of our launch.”
Coro Global Inc. will seek to protect its users with state-of-the-art technology that is highly resilient to cyber attacks, and rigid regulatory procedures. Coro’s Chief Compliance Officer Lorenzo Delzoppo stated: “Even before developing Coro’s financial technology, we developed the strongest possible compliance program and regulatory framework to ensure compliant and secure operations on a continuous basis.
“We have already been approved in several U.S. states, and we expect to be granted many more state licenses soon.”
The stability of gold through times of turmoil means that it does not suffer the same value fluctuations as official national currencies during economic downturns. In fact, its price is currently poised to reach record highs.
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 users to send and receive global payments and exchange currency, including gold, faster, cheaper, and more securely.
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