Coro Global Inc. (OTCQB: CGLO) (the “Company”) today announced its subsidiary Coro Corp. has been granted a Money Transmitter license by the State of Alabama’s Securities Commission.
As a result, Alabama residents will have access to CORO – 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, Alabama, Arizona, Arkansas, Alaska, D.C., Delaware, Idaho, Montana, Massachusetts, Oregon, South Carolina, Washington State and Wisconsin. The company intends to release CORO in additional U.S. states over the coming months.
Alabama’s economy is expected to shrink by 3.4% in 2020, but depending on how well households fare against the pandemic, a rebound may be possible by 2021. The Company believes Alabamian families can better protect their finances by saving their money in gold – the world’s oldest and most resilient form of money. Gold has historically survived (and even thrived) through periods of economic turmoil: this year it reached record high prices, despite stock market crashes.
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The approved Alabama license authorizes Coro to transmit currency, monetary value, or payment instruments within Alabama, as well as from the state to other jurisdictions. To obtain the license, Coro 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.
For Coro, ensuring the security of customers’ money and personal data has always been a priority. That is why the CORO app runs on the state-of-the-art hashgraph distributed ledger technology (DLT) to protect against cyberattacks and operate at revolutionary speeds.
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