Shares of Asia Broadband (OTCMKTS:AABB) ended with marginal loss as the stock had gained about 120% in the past week.
Trading Data
On Wednesday, AABB stock fell 7% at $0.1749 with more than 97.12 million shares, compared to its average volume of 26.56 million shares. The stock has moved within a range of $0.1521 – 0.2049 after opening the trade at $0.2049.
Finalizes El Salvador Operations Hub For Latin America Prior to Launch of Proprietary Cryptocurrency Exchange
Asia Broadband (OTCMKTS:AABB) has recently established a corporate presence and satellite office in El Salvador, which is to serve as the company’s Central and South American operations hub and a base for the preparation of its upcoming Exchange launch. Quite recently, Asia Broadband had registered a subsidiary in El Salvador, AABBG Exchange Sociedad Anonima De Capital Variable, to lay the foundation of the new business development and marketing facility.
A team of support staff has been assembled, whose primary job is to work on building demand for the AABBG token and Exchange in Latin America. The Asia Broadband management team has been regularly visiting El Salvador to oversee the setup of the new subsidiary, office and communications center.
The local business community in El Salvador has shown positive responses to the AABB wallet and Exchange. It has validated the company’s business plans within the country and expansion into the Latin American market. They are extensively targeting major Salvadoran retailers to engage in acceptance and processing agreements for customer purchases with AABBG and build on Exchange awareness.
There are significant commission and discount incentives for both retailers and customers, if they conduct transactions with AABBG – it is being done to encourage circulation expansion and use of the Exchange. The company is also discussing about building a cryptocurrency mining facility in El Salvador, which will be operated using geothermal energy.
Technical Data
AABB stock is trading above the 20-Day and 50-Day Moving averages of $0.13 and $0.12 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.15. The stock is up 1288% so far this year.
