COVID-19 has destabilized economies globally, leaving markets in shambles across domains. As legacy financial systems increasingly succumb to the pressure, businesses are venturing into uncharted waters to survive and grow. For one, the proliferating blockchain-cryptocurrency sector has emerged as a significant catalyst for post-pandemic innovation and growth. Asia Broadband Inc. is a promising name in this regard, having recently entered the global crypto-market with a forward-looking approach.
What Is Asia Broadband Inc?
Asia Broadband (AABB) is a public-listed resource company, based in Nevada and established in 1996. Producing precious and base metals in Mexico, the company sells them in Asian markets. In 2020, AABB recorded a $16.8 million gross profit and experienced a solid start to 2021, with $100 million in assets in Q1.
Recently, AABB has been reorganizing its operations in Mexico, beginning by selling off its principal mines in the Guerrero Gold Belt for $82 million. Then, the company acquired a new mining location in Colima and made an initial investment of $10 million. Above all, and most interestingly, AABB invested $30 million to procure gold bullion for backing its crypto tokens. And that brings us to this article’s focal point.
The ‘Golden Age’ is Back
Gold is a time-tested asset, functioning for centuries as a haven for investors. Particularly in inflationary economies, people often turn to gold as a hedge against market volatility. On this note, the U.S Consumer Price Index climbed to 5% in headline inflation in the wake of the pandemic-induced government measures. And in these desperate times, there’s a rising need to invest in assets whose value doesn’t depreciate drastically. Gold, it seems, is the most viable option.
Experts predict that gold’s price will rise 10-fold in the coming three years, reaching as high as $2,400 an ounce. Despite the pandemic-ridden market, gold stocks made a gain of 7.6% in May 2021. Therefore, according to many analysts, asset-backed commodities will enter a ‘supercycle’ phase in the next five years. And gold will become one of the leading assets to venture into the commodities market.
The AABBG Token: Asia Broadband’s Gold-Backed Crypto Token
By now, it is abundantly clear that future investments will increasingly include gold in the portfolio. But the pandemic also made us realize the necessity of internet-based technologies in facilitating global economic transactions. The blockchain-cryptocurrency domain has grown leaps and bounds, reaching a market cap of $1.92 trillion. Therefore, it is only natural that Asia Broadband wants to integrate the reliability of gold with the technology of crypto tokens.
In March 2021, Asia Broadband launched the ERC-20 AABB Gold token (AABBG). AABBG is not a stablecoin but a hybrid cryptocurrency whose value is pegged to physical gold. There are a total of 5.4 million AABBG tokens, all backed by 100% physical gold worth $30 million. The price of each AABB token is equivalent to the price of 0.1 grams of gold.
The token’s launch was highly successful, recording sales worth $1 million within the first two weeks alone. AABBG’s vertical Mine-to-Token integration has been a primary catalyst of this initial success while distinguishing the token from other asset-backed digital coins. In other words, AABB backs its token only with the gold that it mines and operates. However, additional demand for gold may be fulfilled with third-party procurements.
Asia Broadband’s Crypto Proprietary Exchange
AABBG is not the only crypto product from Asia Broadband. The company is also developing a proprietary cryptocurrency exchange to facilitate two-way token transactions. AABBG holders will be able to exchange their tokens for BTC and ETH (and vice-versa) on this platform.
The Exchange will have two separate features for two sets of transactions. First, users can avail themselves of the Quick Exchange for instantaneous token trading at the best available price. Second, they can use the Advanced Exchange to manually pre-set a buy or sell order at a fixed price.
Furthermore, there’ll be over twenty AABBG trading pairs on this exchange, covering all leading cryptocurrencies. The platform will facilitate crypto-secured loans, credit/gift card facilities, and connecting retailers. BCGateway will facilitate faster crypto transactions at lesser gas fees.
Asia Broadband’s Crypto Wallet
The AABBG tokens are available for purchase on the AABB wallet app, downloadable from iOS and Android stores. At the time of writing, around 14,000 users have already downloaded the online wallet.
Due to the limited token supply, AABBG will appreciate in value once it is publicly listed on an exchange. Thus, we advise you to download the wallet and get your AABBG tokens now.
Don’t know how to purchase AABBG? Follow these steps below:
- Download the AABB Wallet from Google Play Store/Apple Store
- Create your own account
- Complete the Know-Your-Customer (KYC) procedure
- Deposit funds into the wallet using supported currencies
- Buy AABBG tokens equivalent to the deposited fund
Asia Broadband’s Future Crypto Initiatives
Asia Broadband wants to contribute and develop a completely crypto-based economy in the future. Since El Salvador became the first country to make bitcoin a legal tender, it has been eyeing the Salvadoran market.
Talks are underway to make AABBG a method of payment for everyday transactions in Salvador. To this end, Asia Broadband is providing commissions and discounts to both retailers and customers. The AABBG token can also be used to provide all kinds of financial services to 70% of unbanked Salvadorans.
Last but not least, Asia Broadband strives to expand its operations to entire Latin America. And in this journey, a satellite office in El Salvador will soon become the hub of operations for the whole of Central and South America. From this point onward, it’s only a matter of time before AABBG goes truly global, touching lives in myriad ways.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.