Miami, June 14, 2021 (GLOBE NEWSWIRE) -- Coro Global Inc. (OTCQB: CGLO) announced today that its subsidiary Coro Corp., was granted a U.S. Money Transmitter license by the State of Tennessee.
Coro Global is a Florida-based fintech on a mission to support people in understanding the value of using gold as resilient money. 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. The company created CORO, a mobile payment app that allows anyone to exchange, send and save gold and dollars easily and securely.
¨With distributed ledger technologies advancing every day as well as the rapidly changing regulatory landscape, Coro is proud to be at the forefront of fintech innovation and regulatory compliance," said Coro CEO David Dorr.
This year Tennessee has been taking steps to cultivate an environment more conducive to sound money ownership and use.
On January 20, the state proposed a law that would exempt certain coins, currency, and bullion from the state sales tax. This would not only relieve some of the tax burdens on precious metals investors; it would also take a small step toward treating gold and silver as money instead of commodities.
Tennessee is also examining the feasibility of creating a state depository to secure gold owned by the state and/or citizens. It could eventually join Texas as the only other state with an in-state, publicly managed precious metals depository. By establishing an in-state depository Tennessee could eliminate the risks inherent in using storage provided by Wall Street bullion banks, save money on storage fees, and create jobs by holding its monetary metals inside the State.
The new license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of Tennessee, as well as from Tennessee 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 in 29 U.S. states, the District of Columbia, Puerto Rico, 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, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Virginia, Washington, Washington D.C., Wisconsin.
Coro Global CEO, Mr. David Dorr stated: “We’re extremely proud to be awarded our thirty-first money transmitter license. This represents a major milestone towards being a leading gold provider and a solution for the masses. Gold has survived for 5,000 years as the most trusted form of money. It is the real insurance policy that everyone should have in times of crisis. With CORO, we offer a way for people to protect their individual wealth against financial instability and inflation by using gold in their daily lives. We’re thrilled to continue driving innovation in the intersection of fintech and precious metals.”
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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