- AABB launches AABB Gold cryptocurrency token, AABB Wallet targeting high-growth markets
- Initial token release is 100% backed by $30 million in physical gold
- Company plans to expand token circulation through mine-to-token vertical integration
Asia Broadband (OTC: AABB), a resource company focused on the production, supply and sale of precious and base metals primarily to the Asian market, has launched its AABB Gold (AABBG) cryptocurrency token (https://ibn.fm/j1FDQ). Intended to become a secured and trusted gold-backed global standard of exchange, the token was developed in collaboration with Core State Holdings Corp. (“CSHC”).
Gold-backed cryptocurrency is a type of crypto stablecoin backed with physical gold and with the price pegged to the current gold price. As such, these tokens tend to have less price fluctuation than other coins such as Bitcoin (https://ibn.fm/x4tqP). With that in mind, AABB announced that its initial token release is backed 100% by $30 million in physical gold the company currently holds. Because the token price is generally tied to the market price of gold at a minimum, when the price of gold changes, the minimum supported price of the AABBG token will change. However, the potential upside price of the token will be driven by market demand.
The company is proceeding to implement an international marketing campaign aimed to proliferate brand exposure, increase token sales and AABB Wallet transactions, and amplify public and investment community awareness of the company. AABB’s primary goal for the token is to become a worldwide standard of exchange that is secured and trusted with gold backing, by progressively expanding token circulation to the primary sales markets of North America and Europe and expand globally to other predominant and high-growth market areas.
AABB’s cryptocurrency project is based on what the company calls a mine-to-token vertical integration operational approach that aims for complete independence from FIAT currency. The tokens are available for purchase only in exchange for other major cryptocurrencies including Bitcoin, Ethereum and Litecoin that buyers hold in third-party wallets such as Coinbase or Binance.
In order to make the transaction, buyers will transfer cryptocurrency from their third-party wallets into their AABB Wallets to purchase AABBG tokens; current price per token is 0.1 gram of gold (approximately $5.60) plus a small transaction fee. While the subsequent transfer of AABBG tokens between users of AABB Wallets will be possible, the tokens will not initially be exchangeable for other cryptocurrencies within the initial AABB Wallet. Before any transaction, AABB Wallet users will need to install the latest version of the app and pass the Know Your Client (“KYC”) process.
The launch version of the AABB Wallet will allow the company to increase token circulation and accumulate revenues to support and stabilize the token price when AABBG is freely tradable in the open market, after the company launches its proprietary exchange version of the AABB Wallet in coming months.
With this milestone launch, AABB appears poised to further advance its cryptocurrency project. The company is continuing to team with CSHC to further develop its proprietary cryptocurrency exchange, with a focus on allowing more efficient and easy exchange of AABBG tokens for major cryptocurrencies such as Bitcoin, Ethereum and Litecoin. The company has also joined forces with CSHC to launch an international marketing campaign for its cryptocurrency project, designed to enhance the general public and investment community’s awareness of the AABBG token and the AABB Wallet.
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 at https://ibn.fm/AABB
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