Asia Broadband Specifies Characteristics Of Gold-Backed Cryptocurrency Token

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.