- Asia Broadband Inc., an experienced producer of precious metals is adding key gold mine property acquisitions in Mexico, while concurrently developing a proprietary cryptocurrency exchange
- The exchange will build a mechanism for holders of its gold-backed AABBG token to trade with major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin
- The AABBG tokens launched in March, backed by $30 million in physical gold from the company’s properties
- The company reports it achieved several milestones in regard to the exchange’s development during the past month that were related to its network, platform, design and algorithms
- Asia Broadband expects to test the exchange in August and go live with it in September
Asia Broadband (OTC: AABB), a precious and base metals producer intent on developing a proprietary cryptocurrency exchange following the launch of its gold-backed AABBG cryptocurrency token, is reporting progress on the exchange’s creation. The company is backing its entry with $30 million in physical gold from its properties in Mexico, with the price of each token tied to whatever the existing price of one-tenth (0.1) gram of gold may be plus a 2 percent transaction fee (https://ibn.fm/xqm2Q).
The AABBG token has dual advantages to purchasers. Though not a “stablecoin”, the token has stablecoin-like stability properties in that it is backed and supported by the company at minimum the .1 gram spot price of gold. Additionally, the token will also have the price appreciation qualities of typical cryptocurrencies, once the proprietary exchange allows the token to be freely exchangeable.
According to a news release issued May 11 (https://ibn.fm/sU6Y3), the company achieved several milestones during the first month of developing the exchange’s network, platform, design and algorithms. Improvements included adding greater visitor capacity, enabling two-way transfers between the blockchain and the user’s wallet and establishing a more efficient mechanism for adding new currencies, completing the iOS, Android and web version designs, and putting the know your customer (“KYC”) protocols into motion for streamlining user and system processes.
The exchange will allow Asia Broadband wallet users to complete quick, two-way exchanges of their AABBG tokens for major cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
According to the news release, the exchange will also augment transaction fee revenues and make it possible for the price of AABBG to appreciate based on market demand and the limits on the number of tokens in circulation.
Select cryptocurrencies have gained enormous value on the market in recent years despite instability that has seen their values fluctuate, and a growing number of investors has turned to the alternate form of money as a potential source of financial profile increase. Famed investors such as billionaire Stanley Druckenmiller predict that the U.S. dollar is on the verge of losing its status as the world’s reserve currency as the country faces the prospect of having to monetize its debt in order to meet its obligations, and some investors understandably prefer exchanges tethered to physical assets such as gold in order to increase their security and reduce volatility. (https://ibn.fm/PcDJe).
Asia Broadband’s exchange is planned for testing in mid-August and is expected to go live in early September. Before then, the company will work to complete its cold wallet, web versions of the wallet and exchange, transaction fee mechanism, trade platform and reporting system, according to the news release.
The Las Vegas-based company has acquired two mines — one in the Mexican state of Guerrero and another in the state of Colima. Its year-end fiscal report stated the company had a record annual gross profit of $16.8 million during 2020.
For more information, visit the company’s website at www.AsiaBroadbandInc.com.
NOTE TO INVESTORS: The latest news and updates relating to AABB are available in the company’s newsroom https://ibn.fm/AABB
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