Coro Global Inc. (OTCQB: CGLO) today announced its subsidiary Coro Corp. has been granted a Money Transmitter license by the State of Oregon, Division of Financial Regulation.
As a result of the company being granted this license, Oregon residents will have access to CORO, which is 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, Delaware, Idaho, Montana, Massachusetts, Oregon, South Carolina, and Wisconsin. The company intends to release CORO in additional U.S. states over the coming months.
Oregon is currently going through a period of high economic vulnerability as the number of people seeking work surpasses 160,000, while wildfires devastate communities and dampen economic activity. The company believes that, for individual citizens to protect their savings, they need to find secure and durable ways of storing and maintaining the value of their money. Gold is the world’s most resilient form of money, and has historically survived - and even thrived - through periods of economic turmoil.
"As families continue to face unexpected adversities, people need to have an easy and secure access to resilient money," said J. Mark Goode, CEO of Coro Global Inc. "That’s why we created CORO, which combines gold – the oldest and the most resilient form of money humanity has ever known, with the world’s most advanced and secure payment technology."
The approved Oregon license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of Oregon, as well as from Oregon to other jurisdictions. To receive the Oregon license, the company was required to implement a rigorous compliance program and develop an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as a strict financial audit process.
The CORO app runs on the state-of-the-art Hashgraph Distributed Ledger Technology (DLT) which makes it extremely resilient to cybercrime. Coro’s Chief Compliance Officer Lorenzo Delzoppo stated, "We consider our customers’ security and data safety to be a top priority, not an afterthought. 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." Delzoppo continued, "State regulators are currently reviewing many more of our license applications and we expect to be granted more of such licenses soon."
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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