Breaking the Shackles of History: Coro to Democratize Access to Gold in Puerto Rico
Coro Global Inc. (OTCQB: CGLO) has received a U.S. Money Transmitter license for Puerto Rico through its subsidiary, Coro Corp. This milestone allows the launch of the CORO mobile payment app, facilitating the exchange, sending, and saving of gold and dollars. Coro aims to democratize access to gold, which is particularly significant given Puerto Rico's economic challenges. The company expects to start onboarding customers within about 90 days and plans to expand its service across the U.S. and internationally.
- Obtained U.S. Money Transmitter license in Puerto Rico, enabling operations in a new market.
- Launch of Spanish version of the CORO app, expanding accessibility for Spanish-speaking residents.
- Plans for international expansion to Mexico and Canada.
- Company history of losses and need for additional financing may pose risks.
- Uncertainties about market acceptance of products and technology.
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.
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.
FAQ
What is the significance of Coro Global receiving a money transmitter license in Puerto Rico?
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