Asia Broadband Inc (OTCMKTS:AABB), which is involved in producing and supplying base and precious metals to its clients in the Asian markets, is increasingly getting closer to its strategic goal. The company is well known for using its knowledge, industry level contacts and expertise in certain parts of the world in order to help its clients with the supply of the metals.
Asia Broadband leverages the production of base and precious metals in Mexico and then distributes those metals in Asia through its distribution networks. Earlier on this month, the company announced that it signed a letter of intent in relation to the acquisition of a property spanning 200 hectare.
The property in question houses as many as two gold mining sites, one processing plant and also boasts of the necessary infrastructure. Estimates suggest that the property is worth $30 million. The acquisition of the property is part of Asia Broadband’s plant of launch a fully gold backed token.
The company is aiming to significantly diversify its revenues streams at this point and the bet on the gold backed token is one of the projects. The property is located in the well known gold mining region in Jalisco in Mexico.
The gold backed token is one of the most important projects to have been undertaken by Asia Broadband and last week the AABB Gold cryptocurrency went on sale. Those who use the AABB Wallet will need to update the mobile app and complete the KYC (Know Your Client) process before making the purchase.
It is also important to keep in mind that customers will only be able to buy the AABB Gold token with major cryptocurrencies like Litecoin, Ethereum and Bitcoin. Asia Broadband managed to complete the initial launch by virtue of the $30 million worth of gold it currently holds. The acquisition of the property in Jalisco is going to help the company in producing more of the AABB Gold token in the future.
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