Coro Global Inc. (OTCQB: CGLO) today announced its subsidiary Coro Corp. has been granted a money transmitter license by the State of South Carolina, Office of the Attorney General.
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The license will grant South Carolina residents 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, South Carolina, and Wisconsin. The company intends to release CORO in additional U.S. states over the coming months.
This South Carolina license is an important milestone in achieving Coro’s mission of democratizing access to gold and bringing resilience back into the global financial system. The CORO app is built on state-of-the-art Hashgraph Distributed Ledger Technology (DLT). Hashgraph was chosen to develop CORO’s private permissioned distributed ledger network because of its high resilience to cyberattacks and ability to send money across the world instantly, with real-time settlement.
South Carolina is already embracing the distributed ledger technology. In March, the state senate passed a bill that encouraged the state residents to adopt the emerging technology of blockchain (a form of DLT). The Hashgraph DLT used by CORO is a faster and much more secure alternative to blockchain technology. Hashgraph can reach stunning speeds of up to 500,000 transactions per second, far greater than that of the major credit card companies, is extremely resilient to cyberattacks, and allows for instant financial transactions.
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“We are thrilled to introduce the CORO app to the residents of South Carolina. South Carolina is opening the door to DLT technologies, and we are proud to have built our payment app using state-of-the-art Hashgraph DLT,” said J. Mark Goode, CEO of Coro Global Inc. “With the financial crisis of ‘08 – ‘09 still fresh in our minds, people need to know their personal information and money are secure.”
The approved South Carolina license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of South Carolina, as well as from South Carolina to other jurisdictions. The South Carolina license approval required implementing a rigorous compliance program and developing advanced Anti-Money Laundering (AML) and Know Your Customer (KYC) onboarding and monitoring systems for anti-money laundering compliance, as well as a strict financial audit process.
Gold has not suffered from the current financial turmoil, on the contrary, it recently reached historic prices. “Coro is harnessing the historic resiliency of gold at a time when people are seeking to protect their hard-earned savings,” said Goode.
