The crypto sector may have had a pretty shocking time over the past week but companies there are some companies in the sector that did not do too badly in terms of stock performance.
One of those is Asia Broadband Inc (OTCMKTS:AABB). On Monday the stock was on the move and rallied by as much as 12% to take its gains for the past week to 40%. Asia Broadband’s core business is related to the precious metals like gold but the company has made a massive effort to get into the fast growing cryptocurrency space in a big way. The company is now working on its own cryptocurrency exchange after having recently launched its own cryptocurrency.
In this regard, it is important to point out that back in March, the company had launched its own cryptocurrency token named the AABBG token. However, it is also necessary to point out that the AABBG tokens are backed by physical gold belonging to Asia Broadband worth as much as $30 million.
Recently, the company reported that it has made considerable progress in relation to the development of its cryptocurrency platform and that could actually prove to be a major boost for its crypto token as well.
Those who actually purchase the AABBG token are going to have two kinds of advantages. One of those is that it is going to be a pretty stable digital asset considering the fact that each token is backed by 0.1 gram of spot price gold.
On the other hand, the token could also appreciate at price like other cryptocurrencies and thereby give its holders a profit. However, if price appreciation is to happen then the AABBG token also needs to be in circulation in exchanges and that can only happen once the Asia Broadband crypto exchange is in place. The current optimism about the Asia Broadband stock is understandable and investors could consider keeping it in their watch lists at this point.