Life Clips, Inc. (OTC Pink: LCLP) is a Florida-domiciled technology company, which focuses on cryptocurrency, mental health applications, and more. Shares of the technology company soared 1,803% during trading on Wednesday, July 14, 2021. Over the past thirty days, Life Clips has seen average daily volume of 34.25 million shares. However, volume of 2.9 billion shares or dollar volume of $96.57 million, exchanged hands during Wednesday’s trading.
Shares of Life Clips skyrocketed after the company announced that it has entered into a definitive agreement to acquire Belfrics Group, a global blockchain technology company that operates a proprietary cryptocurrency exchange. The exchange is available for traders in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain and boasts the capability of being able to process over 1 million transactions per second, according to the press release.
Unlike some cryptocurrency exchanges, Belfrics Group’s platform is licensed and regulated by the Labuan Financial Services Authority in Malaysia. Founded in 2014, the Belfrics cryptocurrency platform was developed by an in-house team and thus was created with the goal of being one of the exchanges that took compliance seriously.
Aside from its cryptocurrency exchange platform, Belfrics Group runs a blockchain division that is powered by its proprietary network called Belrium. The proprietary network acts as a hybrid private-public blockchain solution, which is capable of providing identity management for decentralized blockchain transactions.
Belfrics CEO and Founder, Praveen Kumar said, “This is an exciting time for Belfrics. After many years of hard work building a global exchange for cryptocurrency and the most secured trading platform, it is time to spread our wings globally. The acquisition of Belfrics by Life Clips will help expand the reach of both our cryptocurrency platform and our blockchain solutions, which will create an impact worldwide.”
Overall, Life Clips estimates the Belfrics Group acquisition will close during the second quarter. While the overall acquisition deal has been made definitive, management notes that it is still working out the specific details such as the number of shares that will be issued.
Disclosure: Neither Matt Rego nor Spotlight Growth have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.