Asia Broadband announces a 500% increase in its assets

Asia Broadband, a Latin American precious metals mining company and owner of the AABB Exchange cryptocurrency exchange, reported a five-fold increase in capital.

Asia Broadband (AABB), which mines and sells precious metals, reported about increasing the company’s assets to $100 million, which is 500% more than last year. The company trades in consolidation mode and hit new highs in February 2022, sending the stock up over 1,500%. An additional contribution to the financing of the company – about $2.8 million – was received through the issue and sale of 28 million non-convertible preferred shares of the Asia Broadband directorate.

“Our management team is confident in the growth and profitability of the company, and we have made long-term investments to drive the development of our gold and digital asset divisions,” – declared Chris Torres, AABB President.

In addition to the extraction of precious metals, the company is developing several areas in the field of digital assets, including the AABB Wallet mobile application for the AABB Exchange cryptocurrency exchange and its own digital asset AABB Gold with a physical link to gold.

The AABB Wallet allows digital asset merchants to create loyalty programs, as well as implement Merchant API functions for B2B and B2C transactions. AABB Gold has the qualities of traditional digital assets and stablecoins. Its price is maintained at a level of at least 0.1 gram of the gold spot price and is backed by the integration of about $30 million worth of Mine-to-Token gold collateral.

In February, crypto market data provider Kaiko reported that amid high inflation and ongoing geopolitical tensions, gold-backed stablecoins are growing in popularity. According to Kaiko experts, the largest gold-backed stablecoins in terms of trading volume are PAX Gold (PAXG) with a market cap of $420 million and Tether Gold (XAUT) with a market cap of $200 million.

Source: Bits

You may also like