Business
Asia Broadband Sets Path for AABBG Token Platform Change Following $4.6 Million Q1 Gross Profit
Asia Broadband Sets Path for AABBG Token Platform Change Following $4.6 Million Q1 Gross Profit.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\n LAS VEGAS, May 24, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) announced today that the Company is implementing a technical standards platform change for its AABBG token. The new platform is a key component of the digital improvements initiative to dramatically lower transaction costs and increase processing speeds, expand liquidity and increase user satisfaction. The primary goal of the Company with the platform change is to synergize the growth of the AABBG token and AABB Exchange by creating added efficiencies to facilitate widespread use, increase transaction volumes and expand digital business segment profits. The Company anticipates that the token change will be completed by June 30 and will release further details as they become available in the coming weeks. AABB recently released its financial results for the first quarter ending March 31, 2023, confirming a robust gross profit of $4.6 million. Leading the way was record high quarter for the Company’s digital assets segment with $3.9 million in sales of the AABBG token combined with the initial sales of the Golden Baboons Mining Club NFT (Non-Fungible Token) collection launch in late February. Additionally, the mining segment continued its gold production from 2022 into Q1 of this year and is expected to expand dramatically with the installation of a new processing facility and the commencement of the ore stockpile production in the second half of 2023. The achievement of these milestones and the continued progress with its business plans affirms the Company’s ongoing success of its digital asset and mining operations. AABB has recently expedited the development of significant changes and enhancements to all the components of AABB’s digital assets division. The release of key improvements to the AABBG token, AABB Exchange and PayAABB are expected to be implemented in the 2nd and 3rd quarters. Also, the Company has been consulting comprehensively with its cryptocurrency, blockchain and cybersecurity expert to enhance the architecture, functionality and management of all AABB’s digital asset operations. “We are highly anticipating the platform change for AABBG because it’s a crucial step forward to building the foundation to expand our digital assets division and our bott...