Coro Global Announces its CORO Mobile Payment App Granted a New U.S. Money Transmitter License in Virginia

CORO App now licensed and fully operational in over half of the United States

Miami, UNITED STATES


MIAMI, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Coro Global Inc. (OTCQB: CGLO) (“Coro” or the “Company”), the fintech company behind the new payment app where gold can be used as money, announced today that it may now operate in 25 U.S. states and the District of Columbia. Coro’s subsidiary Coro Corp. this month was granted a Money Transmitter license in the state of Virginia, as Coro continues to spread accessibility to its gold payment app across the country.

CORO is a mobile payment app that allows customers to exchange, send and save gold and dollars easily and securely. The Company is now registering and onboarding residents of 25 U.S. states and the District of Columbia and intends to expand availability of its gold payment app across the country over the course of 2021, as well as international expansion into Mexico and Canada.

Coro Global is a Miami, Florida-based fintech with a mission to create a more sustainable global financial system by enabling access to the most resilient form of money: gold. Coro has been building the infrastructure and tools for anyone to be able to use gold as easily as traditional currencies in their daily lives.

The new license authorizes Coro to transmit currency, monetary value, or payment instruments within Virginia, as well as from the state 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.

The 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, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Virginia, Washington, Washington D.C., and Wisconsin.

“We are very pleased to announce today the granting of a new money transmitter license in the state of Virginia. This marks a significant milestone for Coro Global, as our CORO App is now licensed in half of the United States plus the District of Columbia. This underscores the interest and growing importance of using gold as money, as the CORO App was just launched in August 2020, and has already achieved rapid approval in 26 U.S. states and jurisdictions in just over 6 months.

As the U.S. dollar’s value continues to fall, public and private bodies are seriously thinking about safeguarding some of their capital in the world’s most stable form of money - gold. The growing importance of gold is clearly evidenced by organizations such as Tesla, which announced recently that it has authorized its treasury to invest in gold, and the Idaho House of Representatives, which approved a bill that, if signed into law, could allow the state government to hold part of state funds in physical gold and silver.

Furthermore, the Texas Teacher Retirement Fund owns close to $1 billion in physical gold and the Ohio Police and Fire Pension Fund, which is currently valued at more than $15 billion, recently approved a 5% allocation to gold. In times when public companies, pensions and state regulators are looking for gold as the hedge against inflation, CORO is democratizing access to gold as money for everyone,” concluded Mr. Dorr.

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.

Cautionary Note Regarding Forward-Looking Statements
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.

 

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