Gold Payment Service Granted License in Arizona, Where Citizens Can Use Gold As Money
Coro Global Inc. announced its subsidiary Coro Corp. has been granted a Money Transmitter (“MT”) license by the State of Arizona’s Department of Financial Institutions.
Coro Global subsidiary Coro Corp. has been granted a Money Transmitter (“MT”) license by the State of Arizona.
The license furthers the Miami-based fintech company’s goal of creating a financial ecosystem in which gold can be used as easily as fiat currencies in everyday transactions. The CORO mobile app will allow users to buy and exchange gold as a currency, as well as send it to other users, faster, cheaper, and more securely than other payment apps.
Arizona has the unique advantage of being one of a growing number of U.S. states to accept gold as legal tender. Coro Global Inc. believes in the power of gold – the world’s oldest and most trusted form of money – to bring stability back into the financial system. That’s why the company believes its app will democratize access to the precious metal, enabling ordinary people across the United States to seamlessly tap into digital gold and redeem it as physical bullion at any time.
“We believe that all U.S. states should allow gold to be used freely as money,” said J. Mark Goode, CEO of Coro Global Inc. “Coro is the perfect fintech complement to Arizona’s empowering financial policies.”
The approved Arizona license authorizes Coro to transmit currency, monetary value, or payment instruments within the State of Arizona, as well as between Arizona and other licensed jurisdictions. The licensing process required implementing a rigorous compliance program and developing an advanced AML/KYC onboarding and monitoring system for anti-money laundering compliance, as well as complying with strict financial audit and reporting requirements.