Users of CORO, a mobile app that allows users to exchange, send and save gold and dollars, can now add South Carolina to a growing list of states where they can access the app’s services.
Coro Global Inc., CORO’s parent company, received its money transmitter license from the state of South Carolina in September. The license, approved by the Office of the Attorney General, allows CORO’s payment app to be accessed in the state. Coro Global is based in Miami, Florida, and employs around 16 people.
The app can be used in 19 states — including South Carolina — and Washington, D.C., with the company applying for licenses in more states in the coming months.
A blockchain is a digital database holding records that can be used and shared simultaneously within a large, decentralized network.
While South Carolina passed a bill earlier this year encouraging the adoption of blockchain, CORO brings to the market another type of distributed ledger technology (DLT), Hasgraph, which CORO claims is “faster and much more secure” than blockchain technology.
“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, in a release.
The license gives CORO permission to transmit currency, monetary value, or payment instruments within the state of South Carolina, as well as from South Carolina to other jurisdictions.
“Coro is harnessing the historic resiliency of gold at a time when people are seeking to protect their hard-earned savings,” added Goode.
Albert Rodriguez, Coro Global’s chief operating officer, said CORO’s focus on gold helps protect users from volatility in currencies.
A distributed ledger (DLT) is a group of shared digital data spread across multiple locations without a central data store.
“The great thing about gold is that whatever the spot price is in South Carolina, it’s the same in New York, it’s the same in Mexico City, it’s the same in London, it’s the same in Hong Kong,” said Rodriguez. “The price of gold is the same all over the world, so you’re not beholden to two currency exchanges.”
While the company expands its reach across the U.S., Rodriguez and his colleagues also have an eye on the rest of the world.
“If we can make it into Antarctica, we’ll do Antarctica, too,” he said.