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Coro Global Inc. unveils app in Puerto Rico that allows transacting in gold

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Florida-based fintech firm Coro Global Inc. announced that its subsidiary Coro Corp., has been granted a US Money Transmitter license in Puerto Rico, allowing it to launch its CORO mobile payment app to the island, allowing users to exchange, send and save gold and dollars.

Coro Global is “on a mission to support people in understanding the value of using gold as resilient money,” it said in a press release. “Coro democratizes access to gold aiming to lead toward better social cooperation and a more sustainable world.”

As part of its arrival to Puerto Rico — which it described its mission to support people in need of financial resilience — Coro said it will be launching a Spanish-language version of its app and will begin signing up customers in about 90 days.

“Coro is excited to announce the granting of yet another money transmitter license, this time in Puerto Rico,” said Coro Global CEO David Dorr. “As Miami natives where there is a significant Puerto Rican population, we always wanted to rush toward empowering their community to be able to use our app to send remittance to their families at home.”

“As we’re building toward 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,” he said.

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 compliance program and developing advanced features to sign up clients and a monitoring system for anti-money laundering compliance, as well as a strict financial audit process, the company stated. Coro is now licensed and signing up residents of 28 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, it confirmed.

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This story was written by our staff based on a press release.
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