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LAS VEGAS, May 11, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has achieved numerous development milestones in the initial month of building its proprietary cryptocurrency exchange (the “Exchange”). Subsequent to the recent launch of the Company’s AABBG gold-backed token, created with developer Core State Holdings, Corp. (CSHC), AABB’s own proprietary cryptocurrency Exchange version of AABB Wallet has been under development. The Exchange will allow AABB Wallet users to complete quick two-way exchanges of their AABB Gold tokens for major cryptocurrencies such as Bitcoin, Ethereum and Litecoin. The proprietary Exchange will also add tremendously to transaction fee revenues and allow for the price appreciation of AABBG, influenced by market demand and the limited supply of tokens released into circulation.
One of the worlds leading gold producers recently commented about its precious metals sector and endorsed the importance of cryptocurrencies that are an exchangeable method of payment for purchases worldwide. The unique and pioneering mine-to-token qualities of the AABBG token have laid the foundation to become a worldwide standard of exchange that is secured and trusted with gold backing.
After the first month of development, the Exchange completion timeline is on the planned path for testing in mid-August with the live Exchange launch expected in early September. The major development components planned for completion in the coming months are the cold wallet, web-versions of the wallet and Exchange, transaction fee mechanism, trade platform and reporting system.
The first month of the Exchange development centered around preparing the network, platform, design and algorithms. Some of the development highlights were as follows. The improvement and optimization of the network foundation was completed, adding additional visitor capacity. The blockchain network was upgraded to allow rapid two-way transfers from the blockchain to the wallet and also allow the efficient addition of other currencies to the Exchange. The design for the iOS, Android, and Web-version of the Exchange was completed. Updated versions of the iOS and Android applications were submitted for approval with new functionality and to increase the speed of mobile applications and add information capacity to the Exchange. The KYC protocols began the streamlining process for the Exchange to allow easier user completion and system acceptance.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. The Company has recently released its freshly minted mine-to-token gold-backed cryptocurrency AABB Gold token (AABBG) and strives to become a worldwide standard of exchange that is secured and trusted with gold backing, an outstanding quality relative to other cryptocurrencies.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.