LAS VEGAS, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is asking all AABBG Token holders to CONVERT NOW to the new AABBG.ALGO Token by following the steps in their AABB Wallets per the convert graphic at the end of this notice.
The new AABBG.ALGO Token will continue to be the same unique mine-to-token gold-backed cryptocurrency, but with upgraded benefits. The migration and conversion process from the Ethereum blockchain to the Algorand blockchain is currently underway. The Company has already successfully converted many AABBG token holders to the new AABBG.ALGO, allowing them access to the improved transaction efficiency, lower costs, and increased transparency on the Algorand blockchain.
The Company’s decision to migrate to the Algorand blockchain stems from AABBG Token's commitment to enhancing the overall user experience and addressing the evolving needs of its community. By leveraging the advanced features and benefits of Algorand's blockchain infrastructure, AABBG Token aims to offer its users a seamless, low cost and efficient ecosystem.
Key Highlights of the Migration:
1. Enhanced Transaction Efficiency: The migration to the Algorand blockchain will significantly reduce transaction costs and increase transaction speeds. Users can expect faster, more reliable transactions, ensuring a seamless experience within the AABBG Token ecosystem.
2. Lower Network Transaction Costs: AABBG Token will benefit from Algorand's innovative design, enabling lower network transaction costs compared to the current Ethereum-based infrastructure. The ALGO fee for any transaction is always fixed at a nominal amount, regardless of the transaction size.
3. Increased Transparency: Algorand's blockchain technology provides enhanced transparency and security, ensuring the integrity of AABBG Token transactions. Users will have access to a decentralized and immutable ledger, offering a higher level of trust and accountability.
The migration process will be instructed and executed meticulously to minimize any disruption to AABBG Token holders. Pre-funding of Algorand accounts will be provided to facilitate the conversion process, ensuring a smooth transition. The existing AABBG Token on the Ethereum blockchain will be converted to the new Algorand-based AABBG Token at a one-to-one ratio, maintaining the value and integrity of users' holdings.
Here's a brief overview of the migration steps:
1. Pre-Funding Algorand Accounts:
We will provide ALGO tokens to cover the conversion. You'll need to maintain a small amount of ALGO for future AABBG Token transactions.
2. Temporary Trading Suspension:
On the migration day October 1, 2023, trading was paused temporarily, allowing us to transfer tokens and create a new AABBG.ALGO order.
3. Token Conversion and Availability:
Your tokens will be converted on a 1-1 basis. You can also purchase new AABBG ALGO tokens. Old tokens will move to the MASTER AABBG wallet until burning.
4. Token Burning:
Old tokens in the MASTER AABBG wallet will be burned, removing them from circulation after the migration process is completed.
If you hold offline AABBG tokens, temporarily move them back online for conversion. Algorand-compliant wallets support the new token.
- Hardware: Ledger Nano S, Ledger Nano X, Trezor Model T
- Software: Pera Wallet, MyALGO Wallet, Algorand Core Wallet, Atomic Wallet, Coinomi Wallet
- Official AABBG offline wallet
With Algorand integration, you can also hold Algorand-based USDC and USDT, featuring lower costs and faster speeds.
Support and Assistance:
The support team is dedicated to ensuring a seamless transition for all users to the new AABBG ALGO token. For questions or help during migration, email us at Support@AABBGoldToken.com
About AABBG Token
AABBG Token is a unique mine-to-token gold-backed cryptocurrency blockchain project dedicated to revolutionizing gold investment holdings by leveraging cutting-edge technology and decentralized solutions. With a commitment to transparency, efficiency, and user empowerment, AABBG Token aims to redefine the future of gold-based transactions with its innovative blockchain platform.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company's industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies and digital asset developers.
Contact the Company at:
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45155aa7-adab-44f2-8921-5550225ff93f