The cryptocurrency boom has created plenty of unlikely winners in the stock market and one of those is the Asia Broadband (OTC: AABB) stock.
On Monday, the stock continued to recover from its recent fall and rallied by as high as 65%. The latest recovery in the stock has taken its gains from its recent lows to as deep as 95%. The company has several interests starting from digital to education and even went into metals mining. Those interests did not bring the stock much of a boost.
However, when Asia Broadband announced that it was going to get into the crypto space by way of its own gold-backed cryptocurrency token named AABBG, the stock flew. The announcement resulted in considerable interest in the company and led to gains in the Asia Broadband stock. The AABBG token is totally backed by gold and in this regard, it should be noted that asset-baked crypto tokens have recently performed well.
Finance and Tech Contributor