The Asia Broadband Inc (OTCMKTS:AABB) stock had gained by as much as 24% last Friday and this morning, the stock has started off on the same vein. While it is true that there has been no fresh news about the company, the stock did rise by 7% so far today.
key Things to Watch
In this situation, it should be noted that the rally in the stock is related to an announcement made by the company last week and it might be a good idea to perhaps take a closer look at the update. The company announced that it made major progress with regard to the development of its own cryptocurrency exchange.
Considering the importance and popularity of cryptocurrencies as well as exchanges, many companies are now moving into the sector in a big way. Asia Broadband seems to have done the same and that has brought a significant degree of attention from investors. It is also important to note that the update from the company about the exchange not long after it had announced the launch of its gold-backed AABBG token.
The cryptocurrency exchange has been under development at Asia Broadband for quite some time and it is going to be another version of the AABB Wallet.
It is going to be particularly beneficial for those who use the AABB Wallet. Those users are going to be able to make dual exchanges of their AABBG gold token with other major cryptocurrencies fairly quickly. Some of the cryptocurrencies that are going to be available on the exchange are going to be Litecoin, Bitcoin, and Ethereum. The exchange is expected to add substantially to Asia Broadband’s revenues by way of transaction fees and is also expected to help with regard to the rise of AABBG token’s price. At this time, the company has only released a limited number of tokens. Investors could do well to keep a close eye on the developments with regards to this project.