Gold Rush Returns to Where it Originally Began; New Mexico grants U.S. Money Transmitter License to Coro Global’s gold payment app

Rhea-AI Summary

Coro Global (OTCQB: CGLO) has received a U.S. Money Transmitter license in New Mexico for its subsidiary, Coro Corp. This license allows the company to transmit currency and monetary value within the state and beyond. Coro's mobile app enables users to exchange, send, and store gold and dollars. With this new authorization, Coro expands its services to 26 states and plans further growth throughout 2021, including international expansions to Canada and Mexico. CEO David Dorr highlights the increasing interest in using gold as a currency due to inflation concerns.

Positive

• Granting of a U.S. Money Transmitter license in New Mexico opens new markets.
• Expansion plans to add more U.S. states and international markets.
• Coro's mobile app enables secure transactions involving gold and dollars.

Negative

• Company's history of losses raises financial stability concerns.
• Need to raise additional financing may affect future operations.

Miami, March 16, 2021 (GLOBE NEWSWIRE) -- Coro Global Inc. (OTCQB: CGLO) announced today that its subsidiary Coro Corp., was granted a U.S. Money Transmitter license in the state of New Mexico. The company created CORO, a mobile payment app that allows customers to exchange, send and save gold and dollars easily and securely.

https://youtu.be/xkuCQ6tAv-0

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 a more sustainable world with better social cooperation. 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. 

New Mexico is an important landmark for Coro as it has a very strong cultural and historical connection to gold. The first gold rush west of the Mississippi occurred in New Mexico in the 1820s, establishing New Mexico as a “treasure” state. Gold will always hold a special place for people in the area, and Coro is now democratizing access to it.

The new license authorizes Coro to transmit currency, monetary value, or payment instruments within New Mexico, 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.

Coro is now licensed and onboarding residents of 26 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, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Virginia, Washington, Washington D.C., and Wisconsin.

Coro Global CEO, Mr. David Dorr stated: “Coro is excited to announce the granting of yet another money transmitter license, this time in the state of New Mexico. The purchasing power of the U.S. dollar has fallen by 98% since 1913. Part of the problem is that governments can, and do, freely print currencies to stimulate economic activity, which fuels inflation. People are concerned with inflation, the falling value of the dollar, and the Federal Reserve's ongoing money issuance policy. We believe gold offers stability and a hedge against inflation. People are seeking change, and are gravitating towards an economy where gold is considered money. We are seeing clear signs of this trend as several U.S. states are declaring gold legal tender, moves which are likely to generate further interest in using gold as money which should well position our app to be a part of this powerful trend,” 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.

FAQ

What recent regulatory approval did Coro Global receive?

Coro Global received a U.S. Money Transmitter license in New Mexico.

What is the significance of the Money Transmitter license for CGLO?

The license allows CGLO to transmit currency and monetary value in New Mexico and to other jurisdictions.

Which states can use the CORO app after the latest expansion?

Coro is now licensed in 26 states, including New Mexico.

What does the CORO app offer to its users?

The app allows users to exchange, send, and save gold and dollars securely.

What market trends is Coro Global responding to?

Coro is responding to inflation concerns and the increasing interest in using gold as a currency.