A fintech small cap just announced that its subsidiary was granted a U.S. Money Transmitter license in Puerto Rico. Shares of Coro Global Inc. (OTCQB:CGLO) were trading higher on the news as the company is now one step closer to achieving its mission to give the people of Puerto Rico access to gold through its mobile payment app.
Coro Global is a Miami, Florida-based fintech company that has created a new financial payment system where gold can be used as currency in everyday transactions as easily as fiat currencies. Coro's platform is powered by cutting-edge Distributed Ledger Technology allowing users to send and receive global payments and exchange currency, including gold, faster, cheaper, and more secure.
While the last trade following the news was at $4.25/share (+1.67%), due to the illiquid nature of the security itself, it’s important to look at the current spread rather than last price alone. At the time of this article, the bid-ask is $4.35 @ $4.40, so using the mids for this play the stock is actually up around +4.66% on the day. This move could potentially lead to an upward breakout for this stock.
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