LAS VEGAS, March 09, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to specify the characteristics of the Company’s AABB Gold (AABBG) cryptocurrency wallet and token developed by Core State Holdings, Corp. (CSHC). AABB has received many questions regarding the parameters and functionality of the token and wallet in recent weeks and the Company would like to provide the following clarifications.
The AABB Gold token (AABBG) is backed 100% by physical gold held by the Company in several high security, private locations in Mexico. The Company will continue to back the token 100% by additional physical gold acquired from future mining production and gold purchased from cash reserves or credit. The initial token release will be backed by $30 million in physical gold the Company currently holds. At today’s market price of gold, this initial token release will be approximately 5.5 million tokens at the one-tenth (0.1) gram of gold price for each AABBG token. The token price will also be tied to and supported by the Company at the market price of gold at a minimum. As the price of gold fluctuates, the minimum supported price of the AABBG token will increase or decrease, but the potential upside price of the token will be driven by market demand.
In order to buy the AABB Gold token (AABBG), purchasers must download the AABB Wallet and register through the Android Google Play and Apple App Store on their smartphones or through the AABBGoldToken.com website. Within the AABB Wallet, the token will only be available for purchase in exchange for other major cryptocurrencies such as Bitcoin, Ethereum and Litecoin. Therefore, purchasers will need to hold existing cryptocurrency in any third party wallet such as Coinbase or Binance. Purchasers will then deposit cryptocurrency from their third party wallet into their AABB Wallet to exchange and purchase the AABB Gold token (AABBG) for the current 0.1 gram of gold price plus a 2% transaction fee.
The launch version of the AABB Wallet will allow purchasers to transfer AABBG tokens to others that also have the AABB Wallet, but tokens will not initially be exchangeable within the AABB Wallet for other cryptocurrencies. This inaugural version of the AABB Wallet will allow for the increase in token circulation and provide the accumulation of revenues to be utilized for the support and stabilization of the token price when AABBG is freely exchangeable in the open market.
The Company is currently developing, with CHSC, its own proprietary cryptocurrency Exchange that will allow AABB Wallet users to quickly exchange their AABB Gold tokens for major cryptocurrencies such as Bitcoin, Ethereum and Litecoin. AABB embraces a pioneering philosophy with its truly unique Mine-to-Token vertical integration operational approach that strives toward complete independence from FIAT currency.
Strategically positioned as a revenue diversification and awareness project, the AABB Gold token will create financial leverage, liquidity, and monetize physical gold holdings and future gold production. The revenue model of the AABB Gold token will be driven by two streams; transaction fees and demand driven price appreciation. The primary stream for AABB will be transaction fee revenue that will expand significantly as token circulation increases. Additionally, the potential token price appreciation and sales price upside could be substantial, due to the limited release of tokens combined with the expanded use and velocity of token exchanges. The Company will begin the preparation of financial projections from token revenues after the proprietary cryptocurrency Exchange has been added to the AABB Wallet and operating for several months.
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 targeting large population and high growth markets globally including China and East Asia. The Company’s advanced collaboration with CSHC continues to plan the roll out of an international marketing campaign for the AABB Gold token, AABB Wallet and development of the corporate brand. The marketing efforts are aimed to proliferate brand exposure and reputation, increase the use of the AABB Gold token and the AABB Wallet, and amplify general public and investment community awareness of the Company.
The Company will announce the token release and its availability for sale imminently, when the final stages of testing are complete
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