Asia Broadband, Inc. (OTC:AABB) is a resource company centered around the production, supply, and sale of metals, focusing primarily on Asian markets. They acquire highly prospective gold projects in Latin America and then distribute production throughout their extensive global sales network.
Asia Broadband currently holds over $100 million in assets, a 500% increase from last year. The company is trading in consolidation mode and reached new highs in February, leading to the year-to-date stock being up over 1,500%.
Recently, the company announced it had received $2.8 million. The source of their new capital came from four directors of Asia Broadband for the purchase of preferred shares.
The 28 million non-convertible, preferred shares were issued at $0.10 per share with each share, with 100 voting rights and equal participation with common shares for all future dividends.
Asia Broadband President and CEO Chris Torres purchased $2.4 million of the total preferred share issuance, stating: “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 focus and determination to succeed in every area of the company’s business has intensified now with our capital contribution.”
All capital received will be distributed among Asia Broadband’s capital expansion programs.
On top of their dealing with metals, Asia Broadband also has multiple digital asset sectors, including a digital asset wallet and a gold pegged digital asset.
Last year, Asia Broadband launched its own digital asset wallet called the AABB Wallet. The wallet was designed to keep your digital assets secure and your data private. The AABB Wallet collects no data, and every transaction made through them is entirely invisible to third parties.
The AABB Wallet is open to trades and purchases for those looking to transfer AABB Gold tokens (AABBG) to other AABB Wallet users. This is done to increase AABB Gold token circulation and generate revenue to support and stabilize the token price once AABBG is openly tradable.
The wallet has many stand-out features that make it a unique option amongst other digital asset wallets. This includes instantly sending and receiving digital assets with no deposit fees and low transaction fees. The iTransfer feature allows users to securely send AABB Gold and other digital assets via email, text, social media, and more.
The wallet will also be releasing a Merchant API feature which will allow B2B and B2C transactions to be made using the AABB Wallet. This feature will allow merchants to establish loyalty programs while also letting customers earn cashback.
Finally, Asia Broadband is developing an online digital asset payment processing solution allowing businesses to accept global digital assets from their site.
The previously mentioned AABB Gold is Asia Broadband’s digital asset and is backed by physical gold. Being pegged with gold allows the asset to benefit from both gold and digital asset features, ensuring it will maintain the potential for price appreciation from both markets.
While AABB Gold is a traditional digital asset, it has the qualities of a stablecoin. The token’s price is supported at a minimum of 0.1 grams spot price of gold and is backed by $30 million in physical gold.
AABB Gold’s most unique aspect that sets it apart from other digital assets is its vertical integration of Mine-to-Token gold-backing. Asia Broadband holds physical gold assets to entirely back the token from the mining production segment of the company.
As the company progresses, it will continue to optimize its capital utilization by implementing its mining production and acquisition strategy in regions of Mexico. Also, the company’s digital asset divisions like the AABB Gold token, AABB Wallet, AABB Exchange and NFTs will continue expanding and developing at an accelerated rate as time progresses.
This post first appeared on: NewsBTC