Coro Global launches CORO app using hashgraph distributed ledger technology

By Pavithra R

Coro Global, a Florida-based FinTech company, has announced that it has formally licensed Hashgraph’s distributed ledger technology (DLT) to run its payment app CORO, enabling customers to easily exchange, send and save gold as well as U.S. dollars.

Hashgraph is a distributed ledger technology developed by Leemon Baird, the co-founder and CTO of Swirlds, in 2016. It became publicly available in 2019 and has quickly become a faster and much more secure alternative to blockchain technology. It can reach stunning speeds of up to 500,000 transactions per second, while it’s asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm makes it extremely resistant to cyber-attacks. Unlike blockchain, Hashgraph does not rely on miners to validate transactions but leverages directed acyclic graphs for time-sequencing transactions without bundling them into blocks.

Hashgraph was chosen to develop CORO’s AML/KYC private permissioned distributed ledger network because of its high resilience to cyberattacks and the ability to send money across the world instantly, with real-time settlement.

“We’re proud to be the first company to build a payment app using the most secure private permissioned distributed ledger technology the world has ever known. Our main priorities have always been the security and peace of mind of our customers,” said J. Mark Goode, CEO of Coro Global Inc.

Its mobile app, CORO, combines gold with advanced and secure payment technology. It allows customers to exchange, send, and save gold and U.S. dollars easily and securely. 

Founded in 2018, Coro Global has created a new financial payment system where gold can be used as currency in everyday transactions as easily as fiat currencies. Currently, the CORO app is available to residents of Florida, Arkansas, Alaska, Delaware, Idaho, Montana, Massachusetts, Arizona, Wisconsin, and South Carolina in the Apple App and Google Play stores. The company intends to release CORO in additional U.S. states in the coming months.