The global recession is making us all rethink how we protect our savings. For many of us, the memory of the 2008 financial crash and the failings of the traditional financial system is still fresh in our minds. But the conditions are different now: for the past few years, emerging fintech companies have been offering viable alternatives, like challenger banks and money transfer platforms, that give users more control over their money.
Today, combining technology and safe ways of storing money is a matter of urgency. That’s what Miami-based fintech Coro Global Inc. is doing – building a global payment app for gold (a safe haven asset) and other currencies. Coro has just obtained licenses to operate in the US states of Florida and Alaska, with more approvals to come.
“Coro’s unique platform will allow people of any income to use gold as money in everyday transactions, as easily as they would US dollars or euros,” said Chief Executive Officer Mark Goode. “Our new licenses are the first step in building an international financial system in which anyone and everyone can buy and use gold, which is the world’s oldest currency for a good reason.”
Gold maintains its value over long periods of time, and has proven to be a reliable investment during times of economic crisis. Coro’s mobile app will allow users to easily buy, transfer, and exchange gold and US dollars; it aims to be licensed in all US states and Puerto Rico by 2021.
“We’re making gold more democratic, cutting through its air of exclusivity,” said Goode. “You won’t need financial expertise or high earnings to reap all the benefits of gold’s stability.”
Coro has spent the last two years building out its technology and pursuing licenses across the United States. Its priority? Security. To attain its licenses Coro has had to implement an in-depth compliance program, advanced anti-money laundering, and customer onboarding, and undergo strict audits.
“Our users’ security, privacy, and confidentiality are an integral part of our product, not an afterthought,” said Coro’s Chief Compliance Officer Lorenzo Delzoppo. “Even before developing Coro’s financial technology, we developed the strongest possible compliance program and regulatory framework.”
This is also why the app is built on the state-of-the-art distributed ledger technology (DLT), Hashgraph. Hashgraph’s technology is relatively similar to blockchain, but is faster and more secure, and it lowers the risk of cyberattacks or theft.
In another milestone, Coro’s stock commenced trading on the OTCQB market last week, successfully uplisting from OTC Pink.
“We are proud to meet the enhanced public company requirements to be an OTCQB listed company,” said Goode.
History has shown time and again that gold can withstand crises in a way other traditional assets cannot. Because the value of gold isn’t based on companies’ profits or pegged to fiat currencies, economic downturns don’t have the same negative impact on it. Gold prices have crept up since the start of the COVID-19 pandemic, even as the lockdown helped plunge the world into a recession. Gold is even expected to reach record highs, with some estimating that it will exceed its historic price record by 50% in 2021.
Coro’s app is due to launch in Q2, after which users will be able to connect their app to a bank or debit card and transfer money to the Coro account, then exchange US dollars for gold. They will be able to send and receive payments in the two currencies, as well as redeem their physical gold.
People can join the waiting list now to be the first in line to obtain Coro.
This article was syndicated from StartupBeat.