Not Even the Pandemic Could Stop Cryptocurrency Growth + New Exchanges and El Salvadoran Adoption Pushing it More Into the Mainstream
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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
The extended period of the global pandemic has changed a lot of pre-misconceptions about the cryptocurrency market. Cryptocurrencies did not stumble, and, in many cases, they not only outperformed during the pandemic but took 1 more step towards becoming a mainstream form of currency.
While the stock market heaved and business investments took a massive pandemic hit, Bitcoin (BTC) and Ethereum (ETH) as examples, outperformed every primary asset class. When the pandemic exploded worldwide in early 2020, Bitcoin could be purchased for about $7,300. Today, the very same token costs nearly $54,000. The current estimate of the total value of all cryptocurrencies in 2021 is estimated to be more than $2 trillion.
At its simplest level, this gain posts an incredible return on digital money. But because a government doesn’t issue it, discussion about government regulation continues in many countries, including the U.S.
El Salvador and its flamboyant millennial President Nayib Bukele have placed the biggest government bet on crypto thus far by adopting Bitcoin as its official legal tender. Though the roll-out has been beset with some early problems in the country, El Salvador is going full throttle in its cryptocurrency adoption. The move has not caught many companies sleeping on the opportunity to move into Central America to take advantage of the momentum.
Among them is Asia Broadband Inc. (OTC: AABB), which is moving to establish a full presence in Central America, beginning by building demand for its AABB Gold (AAABBG) token in El Salvador. Asia Broadband will be targeting major Salvadoran retailers to engage in acceptance and processing agreements for customer purchases with AABBG. The company is unique in its pure hybrid cryptocurrency innovation in offering AABBG, which has the stability of a stablecoin with the token price supported by 100% physical gold at 0.1 grams of the spot price. Asia Broadband sees El Salvador and the rest of Central America as a tremendous growth opportunity for AABBG and the AABB Wallet.
The company is betting on its AABBG token as a sought-after investment asset for more than 6 million Salvadoran citizens, of which 70% are without bank accounts or credit cards. One thing El Salvador does have an abundance of is cell phones and internet access, and Asia Broadband is banking on downloads of its proprietary AABB Digital Wallet. In addition, the company is targeting the more than 2 million Salvadorans living in the United States who send approximately $5 billion annually to El Salvador, representing more than 20% of the country’s GDP.
As cryptocurrency use continues to grow exponentially, the rise of these new hybrid forms of exchanges, like that of Asia Broadband, gives investors a choice in how they buy and store their crypto. For example, the U.S. dollar transfers for Salvadorans can cost up to 50% in total fees and services charges. Hybrid exchanges promote the inexpensive and quick transfers of cryptocurrency through digital wallets, offering high cost and time savings for transactions and potentially providing hundreds of millions of dollars in economic benefits to El Salvador.
Those using hybrid exchanges have total control of their funds and can trade digital assets directly from their wallets (such as the AABB Wallet) while depositing tokens without any third-party interference. The hybrid cryptocurrency option is also an increasingly popular choice for investors who are tired of the high transaction fees, multiple examples of hacking, and a lack of autonomy over their funds by using traditional exchanges.
For more information on Asia Broadband Inc., go to www.aabbgoldtoken.com.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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