Asia Broadband (OTCMKTS:AABB) stock tuned lower after gaining as much as 6% in the opening session on Tuesday.
Major Trigger:
Asia Broadband Pursues AABBG Token Business Development in Central America As El Salvador Adopts Bitcoin As National Currency
Key Highlights:
- AABB announced that the Company is proceeding with plans to establish a presence in Central America and build a demand for the AABBG token in El Salvador. AABB will be targeting major Salvadoran retailers to engage in acceptance and processing agreements for customer purchases with AABBG.
- The business development program is designed to afford substantial commission and discount incentives for retailers and customers to fulfill transactions with AABBG and facilitate circulation expansion. The creation of a Spanish version of the AABB Wallet and upcoming exchange is planned with the AABBG developer and will be initiated as soon as possible.
- Also, AABB expects to open a satellite office in El Salvador in the near future to serve as the Company’s Central and South American hub for AABBG business development and marketing.
- El Salvador’s recent adoption of and movement toward Bitcoin as the country’s legal tender has created a cryptocurrency-focused economy and a tremendous growth opportunity for AABBG and the AABB Wallet. With a Salvadoran population of more than 6 million, approximately 70% are without bank accounts or credit cards but do have the cell phones and internet access required for digital wallet use.
Market Reactions
As of 10:15, AABB stock fell by 2.40% at $0.1462. Total volume so far stood at 5.69 million shares, compared to its average volume of 43.43 million shares. The stock moved within a range of $0.1430 – 0.1600 after opening at $0.160.
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