Silver Miner Making Inroads Into Cryptocurrency Industry With Plans To Launch New Coin

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Wednesday, November 20, 2024

As the cryptocurrency industry continues to mature and prices of cryptos continue to rally for a myriad of reasons, companies are capitalizing on this burgeoning industry.

Today, Asia Broadband Inc. (OTC: AABB), a resource company focused on the production of precious metals and the accumulation of physical gold holdings, continued its pivot into the lucrative crypto space by announcing that they recently began the planning and development of a new silver-backed cryptocurrency token expected to be launched early next year.

The Company’s continued increases in quarterly silver production, along with numerous silver market price growth fundamentals, led to management’s commitment to create a new silver-backed token. World governments’ inflationary policies and Samsung’s plans to mass produce a silver-based electric vehicle (EV) batteries are just a few of the major demand influences that are expected to drive a silver price rally for years to come. 

Furthermore, approximately half of the Company’s quarterly mining production is silver, which will expand immensely when the new ore stockpile processing plant begins throughput operations in Etzatlan, Mexico. AABB began the accumulation of silver bullion from its production in the third quarter of this year to back the new AABBS silver token release, in the same way as the Company created its gold-backed AABBG cryptocurrency.

“With so many strong economic forces moving in the direction of higher silver demand and prices, we are excited to prepare for the launch of our silver-backed token at such a favorable and strategic time. Additionally, we will be ramping up our production of silver and gold considerably when our new stockpile processing plant begins operating at Etzatlan,” stated Chris Torres, AABB President and CEO.

This pivot makes lots of sense, and investors appear to be agreeing with the overall direction the company is going in with shares up close to 1% on the day, although up almost 100% from their early-July lows.

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