Asia Broadband unveils gold-backed cryptocurrency token sales launch

KUALA LUMPUR, March 23 -- Asia Broadband Inc (AABB or the Company) has announced the sales launch of the Company’s AABB Gold (AABBG) cryptocurrency token developed by Core State Holdings Corp (CSHC).

In order to purchase tokens, AABB Wallet users must update the app or download to install the latest version of the app and pass the Know Your Client (KYC) process.

Within this new version of the AABB Wallet, the token will only be available for purchase in exchange for other major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

According to a statement, 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 (approximately US$5.60) plus a small transaction fee. (US$1 = RM4.112)

The initial token release is backed by US$30 million in physical gold the Company currently holds.

The token price is 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.

The Company is currently developing, with CSHC, its own proprietary cryptocurrency Exchange that will allow AABB Wallet users to quickly exchange their AABB Gold tokens for major cryptocurrencies.

More details at www.AsiaBroadbandInc.com

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-- BERNAMA