Asia Broadband Inc (OTCMKTS:AABB) Stock Continues to Trend Lower: But Why?
On May 24, 2023, Asia Broadband Inc (OTCMKTS:AABB) announced the firm implementing technical standards platform change for the AABBG token.
On Wednesday, AABB stock decreased 10.03% to $0.0350 with 11.96 million shares, compared to volume of 8.37 million shares. The stock moved within a range of $0.0345 – 0.0418 after opening trade at $0.0399.
Asia Broadband Sets Path for AABBG Token Platform Change Following $4.6 Million Q1 Gross Profit
A key component of the digital improvement initiative, the new platform will increase processing speeds and lower transaction costs ultimately boosting user satisfaction. The main goal is to synergizethe growth of the token as well as the AABB Exchange for facilitating widespread use, greater volumes, and expansion of digital business segment profits.
Asia Broadband anticipates token change to finish by June 30 and will release more details in the coming weeks. AABB released financial results for quarter one ending March 31, 2023. It witnessed a robust gross profit of $4.6 million. The digital assets segment registered $3.9 million in sales of the AABBG token combined with initial sales of Golden Baboons Mining Club NFT.
Further, the mining segment saw gold production and will increase much with the installation of the new processing facility. These milestones and the continuing progress affirm its ongoing success in mining operations and digital assets.
Chris Torres, AABB President and CEO said that the company is anticipating a platform change since it is a significant step in building a foundation for the expansion of the digital assets division.