Shares of Asia Broadband (OTCMKTS:AABB) were up more than 73% in trading today after the company recently announced it would be moving into the cryptocurrency space. Created in collaboration with token and wallet developer Core State Holdings, AABB’s gold token will be tied to the price of one-tenth a gram of gold, approximately $5.80 at time of writing.
Asia Broadband’s wallet and token are in the final phases of testing and API implementation. Core State has also developed an algorithm for converting the AABB Gold token to other cryptocurrencies. In the future, Core State plans to implement a crypto-to-fiat exchange that will allow users to change AABB Gold token into traditional currencies directly.
The company said in a press release they had been “very encouraged by the robust interest in the AABBG token from the general public,” and outlined their goals for the token as such:
“AABB’s primary goal for the token is to become a world-wide standard of exchange that is secured and trusted with gold backing, by expanding circulation targeting large population and high growth markets globally including India and China … Strategically positioned as a revenue diversification and awareness project, the AABB Gold token will create liquidity and monetize physical gold holdings and future gold production.”
Founded in 1996, Asia Broadband was previously a digital media and education company until as recently as 2016. A 2018 deal by subsidiary Asia Metals led to a large expansion of the company’s mining operations in Guerrero, Mexico; mining operations now make up the vast bulk of the company’s revenue.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.