On Thursday, Asia Broadband Inc (OTCMKTS:AABB) was in sharp focus after it made a major new announcement and saw its stock end the day with gains of as much as 11% for the day. In light of such gains, it might now be a good time for investors to take a look at the specific development.
Trading Data
On Thursday, AABB stock jumped 11.81% to $0.0587 with more than 25.85 million shares, compared to its average volume of 9.65 million shares. The stock moved within a range of $0.0520 – 0.0650 after opening trading at $0.0527.
Asia Broadband Sets September Launch Date for Proprietary Cryptocurrency Payment Solution
Asia Broadband announced yesterday that it was all set to launch its cryptocurrency payment processing product named PayAABB on September 7, 2022. It was further announced that the work with regard to testing and integration of PayAABB’s network components were in the final stages. That is being done by the company in collaboration with Asia Broadband’s digital assets developer.
The company further noted that the development and management teams at Asia Broadband were ‘thrilled’ with regard to the prospects of the launch of the product. There are some other factors to consider with regard to the excitement about the stock as well. The product is going to offer businesses that operate online the option of significant diversity with regard to payment acceptance. On the other hand, it is also going to help Asia Broadband in further expanding the business of its digital assets.
Technical Data
AABB stock is trading below the 20-Day and 50-Day Moving averages of $0.0565 and $0. 0620 respectively. Moreover, the stock is trading below the 200-Day moving average of $0. 1093. The company has a total market capitalization of $144 million. The stock is down 6% over the past month.
