After launching their cryptocurrency exchange, Asia Broadband, Inc. (OTC: AABB) is now developing a new product called PayAABB. It is a payment gateway for merchants to accept crypto payments and is expected to launch in June.
The US-based Asia Broadband is a resource company focused on producing, supplying, and selling precious and base metals to Asian markets. The company also has a separate digital assets department and has released its own mine-to-token gold-backed cryptocurrency, the AABB Gold token (AABBG).
AABB aims to have its stable and secure gold-backed token become a worldwide standard of exchange with the added benefit of demand-based price appreciation.
The traditional reserve asset gold is one of the oldest methods of payment that gained significant demand as a replacement for unpredictable stocks during the pandemic in 2020 and then again in 2022 amidst the Russia-Ukraine war.
Due to its supply constraint, gold has been a popular safe-haven asset, but it is heavy in its physical form and challenging to carry around. The yellow metal has become even more popular as an investment over the past couple of years. Experts believe the gold investment will continue gaining momentum in the face of rising global uncertainties.
But with the increasing adoption of blockchain, investing in the bullion doesn’t necessarily mean dealing with banksters or hedge funds anymore. Instead, one can do so by investing in tokens like AABBG. The popularity of Bitcoin and other cryptos has asset tokenization on the rise.
Tokenization of gold
Tokenization is based on the premise that all the tangible and intangible assets can be converted into digital tokens representing them.
Through AABBG, the company is merging the stability of gold with the technological innovation of cryptocurrency and blockchain, which provides individuals the opportunity to invest in gold without the need to store the heavy physical gold.
Here, the immutable blockchain provides a cost-effective & safe way to store all data and cost-effectiveness safely. Meanwhile, the stability of the gold protects from the high volatility of the crypto market, which may turn off many first-time investors along with traditional and risk-averse investors.
By combining the two, AABB Gold (AABBG) offers the benefit of both gold and crypto’s features while also maintaining the potential for price appreciation from both markets.
Thanks to its one of its kind vertically integrated mine-to-token concept, AABBG is backed by 100% physical gold — all of which comes from the company’s mines in Mexico along with traditional third-party sources as a backup.
Besides, Asia Broadband already has $30 million in physical gold reserves and announced an all-time high annual gross profit of $16.8 million for the year ending Dec. 31, 2020.
Asia Broadband has $100 million in assets and has already sold 485,932 AABBG tokens at an average price of $6 over this past year. In fact, $1 million worth of AABBG tokens were sold in just the first two weeks of launch. It has a circulating supply of $5.4 million.
To ensure customers get the lower volatility of bullion relative to the highly volatile crypto, the company has linked the minimum price of a token to the current spot price of gold. Besides stability, the token holders enjoy the upside as AABBG rises due to increasing gold prices. And in the current environment of rising inflation and devaluing fiat currencies, the bull case for gold still remains strong.
Are you wondering about the negative impact of the ups & downs in gold’s prices on AABBG tokens? Well, there’s no denying that the gold prices indeed experience troughs and crests, which will impact the floor price of the AABBG token, but it’s equally true that the potential upside price of the token will be driven by market demand.
Also, unlike other gold-backed token projects, Asia Broadband actually offers its investors a ton of experience in the precious metal industry. The company, which has a headcount of over 50, is involved in the entire production process of gold, beginning with mining in Mexico to extensive client sales networks in Asia.
All that’s Ahead
Besides its 100% gold-backed crypto, Asia Broadband also launched its proprietary exchange in January, through which users can exchange the AABBG token for other cryptos. The AABB Exchange has evolved and grown immensely in recent months, supporting more than 380 cryptocurrencies and 60 trading pairs.
To drive the adoption of its gold-backed token, the company has also launched AABB. Available on both the Apple App Store and Google Play Store, users can purchase the gold-backed token on the wallet as well as send and receive crypto anonymously within it.
The wallet was launched in March last year to keep your digital assets safe. The company charges a small fee on transactions but doesn’t collect any data and ensures transactions are 100% invisible to third parties.
Furthermore, users can send and receive the AABBG via SMS or email using the iTransfer feature. Not just AABB Gold tokens but other major cryptocurrencies can also be sent through email, SMS, Facebook Messenger, and WhatsApp using AABB Wallet’s iTransfer option. It works much like E-Transfer, where you set up a password that the receiver needs to enter to gain access to the funds. If no one accepts the money within 30 days, the amount is returned to the sender.
Asia Broadband will bring an online crypto payment processing solution to let merchants accept cryptocurrencies in the coming months. Moreover, the company plans to release its Merchant API to allow B2B and B2C transactions to be carried out with AABB Wallet. It means merchants will be able to set up loyalty programs and let their customers earn cashback. In a nutshell, from all the exciting plans that Asia Broadband has planned, it’s a given that the project will continue gaining traction.