MIAMI--(BUSINESS WIRE)--Coro Global Inc. (OTCQB: CGLO) today announced its subsidiary Coro Corp. has been granted Money Transmitter licenses by the Washington D.C. Department of Insurance, Securities and Banking, and the Washington State Department of Financial Institutions.
As a result of the company being granted these licenses, Washington, D.C. and Washington State 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, Arizona, Arkansas, Alaska, Washington 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.
As the heart of the U.S. government, D.C. needs to set an example for robust and durable economic recovery from the COVID-19 pandemic. That said, with the district dealing with a budget gap of almost $800 million, residents will have to rely on themselves and their businesses to get through the current recession. Separately, in Washington State, historic wildfires are devastating communities, potentially costing the West Coast hundreds of billions of dollars.
To best protect themselves amid such economic uncertainty, U.S. citizens have to be smart in managing their finances and saving their money. Gold is the world’s most resilient form of money, and has historically survived - and even thrived - through periods of economic turmoil.
“The U.S economy may not recover until 2022 at the earliest. In order to get through the COVID-19 pandemic on a solid footing, people first and foremost need to know their money is protected for years to come, without fearing that their financial institutions might collapse any day,” said J. Mark Goode, CEO of Coro Global Inc. “That’s why we allow our customers to save in gold, as well as use it as money.”
The approved licenses authorize Coro to transmit currency, monetary value, or payment instruments within the District of Columbia and Washington State, as well as from both places to other jurisdictions. The license approvals required implementing a rigorous compliance program and developing an advanced AML/KYC onboarding and monitoring system, as well as a strict financial audit process.
Coro has always prioritized the security of customers’ personal data and money. That is why it has partnered with world leader in precious metals trading, Dillon Gage. to insure and verify all the gold purchased by CORO customers. Customers’ gold accounts are matched by their equivalent in physical gold, which is audited and securely stored by the International Depository Services Group, a wholly-owned subsidiary of Dillon Gage. The CORO app runs on the state-of-the-art hashgraph distributed ledger technology (DLT) to protect against cyberattacks and operate at revolutionary speeds.
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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