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It’s been a rocky year for cryptocurrency, and even some gold-backed coins are on uneven footing. The gold-supported crypto is traditionally a stablecoin and is subject to less volatility than Bitcoin (CRYPTO: BTC) is seeing right now.
Some gold-backed tokens, such as Australia’s Perth Mint Gold Token (CRYPTO: PMGT) and GoldCoin (CRYPTO: GLC), are still competitive. But some gold-backed coins like Tether's USDT (CRYPTO: XAUT), a stablecoin that is supposed to be tied to the U.S. dollar one-for-one, dropped as low as 94 cents in May, according to Coinbase (NASDAQ:COIN) Global Inc. (NASDAQ: COIN) and Singapore’s Digix Global is now out of business.
Asia Broadband, Inc. (OTC: AABB) reports finding clearer sailing this year. The company currently holds over $100 million in assets, representing a record 500% increase from last year. Asia Broadband is also reportedly trading in consolidation mode and reached new highs earlier this year, leading to the year-to-date stock being up over 1,500%. The company offers its AABBG freshly minted mine-to-token gold-backed cryptocurrency and a proprietary digital exchange within its AABB Wallet.
Recently, the company announced it had received $2.8 million from four directors of AABB for the purchase of preferred shares.
Asia Broadband President and CEO Chris Torres, who purchased $2.4 million of that total, said, “Our entire management team is committed to the company’s growth and profitability, and we have emphatically demonstrated this with a substantial long-term investment to fuel the expansion of our gold production and digital asset divisions. Our determination to succeed in every area of the company’s business has intensified now with our capital contribution.”
Asia Broadband is a resource company focused on producing, supplying and selling precious and base metals, primarily to Asian markets. Its distribution process begins with the production and supply of precious and base metals in Mexico, then sold to client sales networks in Asia. The company says it plans to double its output in the Tequila region of Mexico from 50 tons per day to 100 by the end of the year.
Asia Broadband’s stated goal is to make its token a worldwide standard of exchange that is stable, secured and trusted with gold backing and the added benefit of demand-based price appreciation. Its cryptocurrency is backed by $30 million worth of physical gold.
For those looking to access the AABB Exchange for mobile use, a downloadable app at the Apple Inc.’s (NASDAQ: NASDAQ:AAPL) App Store or Alphabet (NASDAQ:GOOGL) Inc.’s (NASDAQ: GOOGL) Google Play Store gives customers access to the AABB Wallet and app as well as directly connecting to the AABB Exchange.
For more information on Asia Broadband Inc., visit www.aabbgoldtoken.com.
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Image provided by Asia Broadband
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