Miami, March 30, 2021 (GLOBE NEWSWIRE) — Coro Global Inc. (OTCQB: CGLO) announced today that its subsidiary Coro Corp., was granted a U.S. Money Transmitter license in Puerto Rico. The company created CORO, a mobile payment app that allows anyone to exchange, send and save gold and dollars easily and securely.
Coro Global is a Florida-based fintech on a mission to support people in understanding the value of using gold as resilient money. Coro democratizes access to gold aiming to lead towards better social cooperation and a more sustainable world. Coro is leveraging deep financial know-how and the new generation of distributed ledger technology (hashgraph) to build the infrastructure and tools for anyone to be able to buy gold in the smallest denominations and use it as easily as traditional currencies in their everyday lives.
Puerto Rico is a very distinct place in many ways, such as being historically oppressed and as a consequence having one of the lowest per capita incomes of all US jurisdictions. As part of Coro’s mission to support people in need of financial resilience, obtaining an operating license in Puerto Rico represents a key landmark for the business. It also marks the launch of the Spanish version of the app in a territory that is primarily Spanish-speaking. (Coro is planning to start onboarding customers in Puerto Rico within approximately 90 days.)
The new license authorizes Coro to transmit currency, monetary value, or payment instruments within Puerto Rico, as well as from Puerto Rico to other jurisdictions. The licensure approval required implementing a rigorous compliance program and developing an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as a strict financial audit process.
Coro is now licensed and onboarding residents of 27 U.S. states and the District of Columbia and intends to expand the availability of its gold payment app across the country over the course of 2021. International expansion is also in the works with Mexico and Canada next.
CORO App is currently available in the Apple App and Google Play stores to residents of Alabama, Alaska, Arkansas, Arizona, Delaware, Idaho, Illinois, Iowa, Florida, Georgia, Massachusetts, Michigan, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Virginia, Washington, Washington D.C., Wisconsin.
Coro Global CEO, Mr. David Dorr stated: “Coro is excited to announce the granting of yet another money transmitter license, this time in Puerto Rico. As Miami natives where there is a significant Puerto Rican population, we always wanted to rush towards empowering their community to be able to use our app to send remittances to their families at home. As we are building towards generating a positive financial change our presence in a territory like Puerto Rico is a significant landmark for many reasons: we can empower a community close to our hearts, help unshackle historical limitations, and also establish a presence in a Spanish speaking territory for the first time.”
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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