CORO, a mobile payment app that allows users to securely send gold in everyday transactions, will be expanding into three more states in the U.S.
After receiving the necessary licensing, CORO is now available to residents in Georgia, Rhode Island and South Dakota. The Miami-based fintech company says its aim is to get more people using gold, partly because of its dependability in uncertain economic times.
“With CORO, we hope to enable anyone to take control of their financial future by allowing them to save in gold and use gold as money,” said J. Mark Goode, CEO of Coro Global Inc. “We are extremely excited to start onboarding customers in these three new states.”
As the world’s oldest and most resilient form of money, gold has outlasted other paper monies and been through every form of economic turmoil. CORO’s mission is to get people to improve their own financial wellness by moving away from saving and spending in fiat currencies — which are highly susceptible to inflation — and back to gold, a far more resilient store of value, via its app that makes it quick and safe to exchange gold.
“The beauty of being able to use CORO is that we make it as easy to use gold as you do dollars. And you can use both in our system,” said CORO co-founder David Dorr in a recent episode of Towards Resilience, a series of in-depth conversations with Dorr regarding all things gold and global financial trends.
With the new licensing, CORO is authorized to transmit currency, monetary value, or payment instruments within Georgia, Rhode Island and South Dakota, as well as from the states to other jurisdictions.
CORO is now available in the Apple App and Google Play stores to residents of Florida, Alabama, Arizona, Arkansas, Alaska, D.C., Delaware, Georgia, Idaho, Mississippi, Montana, Massachusetts, Oregon, Rhode Island, South Carolina, South Dakota, Washington State and Wisconsin. The company plans to make its app available in additional states over the coming months.
The app protects users and their money from cyberattacks through distributed ledger technology, which also allows CORO to run at high speeds and low costs, according to the founders. The gold in a user’s digital account is matched by physical gold held in a secure safe, insured and verified by Dillon Gage Metals, a world leader in the trading and storage of precious metals. Users can upload their bank account information to their profile and use it to buy and sell gold instantly.
Dorr said that one of the features that CORO plans to have available in 2021 is to directly ship gold to customers’ homes if they want to have some of their gold on hand and not just available digitally. And for those who are already in possession of gold bars, they will soon be able to deposit it through CORO if they no longer wish to hold it physically on their person.
“Gold has served mankind as money for 5,000-plus years but it’s not really convenient to use in modern fashions,” Dorr said. “You ask anyone who is into Bitcoin and they call it digital gold. Our thesis is let’s not pretend, let’s actually use real gold. And we modernize that with modern technological infrastructure.”
Disclosure: This articles mentions a client of an Espacio portfolio company