The Belfrics group continues its business activities despite
- Belfrics Group is a global blockchain technology company, licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia, operating cryptocurrency exchanges on its proprietary blockchain platform.
- The Belfrics Group has chosen the more difficult and longer-term path of establishing regional exchanges in all of its target regions, instead of operating from a single offshore jurisdiction.
AVENTURA, Fla., July 29. 11, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that its subsidiary Belfrics Group will continue its corporate operations as other cryptocurrency exchanges lay off employees and scale back growth plans. Founded in 2014, Belfrics has developed its digital exchange platform based on its proprietary blockchain with extensive KYC capabilities. By taking the longer-term approach of establishing regional exchanges in all of its target regions, Belfrics Group now operates successfully in 8 countries with 8 different vertical markets.
Belfrics Group Operations
Belfrics Group (the “Company” or “Belfrics”) is a global blockchain technology company that operates cryptocurrency exchanges on its proprietary trading platform. The company is licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia with presence in Malaysia, Singapore, India, Kenya, Tanzania and Nigeria. In addition to our Belfrics Exchange, Belfrics Group provides blockchain-related technologies and solutions to a growing customer base. Belfrics is equipped with its own Blockchain-based KYC solution, making us one of the few global exchanges equipped to track and monitor digital currency transactions and efficiently provide interoperable digital currency data transfer between exchanges and financial institutions. With an in-house developed trading platform and regulatory compliance experience in Asia, Asia-Pacific, Africa and the Middle East, Belfrics is ready to comply with upcoming regulations when such frameworks are inevitably imposed on the industry. As most cryptocurrency exchanges resist regulation, our efforts to work with local authorities give Belfrics Group a leg up on the competition.
Belfrics Group Security
According to a Quarterly Web3 Security Report for the second quarter of 2022 from US cybersecurity firm CertiK, the second quarter of 2022 saw over $870 million lost to Web3 hacks and breaches. The total amount of money lost to hacks and breaches of Web3 platforms exceeded $2 billion in the first half of 2022, exceeding the total volume of breaches seen worldwide in 2021. The identification process Belrium through and through from Belfrics is a solid metric. prevent abuse by financial clients and the market. Belrium serves as a decentralized infrastructure for KYC verifications, which will provide the key assistance in the process of verifying and identifying where the originator and the beneficiary of the transactions involved further eliminating the risk of identifying the destination and source of the transactions. funds that have been received or sent by the customer.
In January 2022, Belfrics obtained an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptosystem from Software Research Labs LLC to improve the security of our blockchain. Belfrics uses Coincover’s Consumer Protect technology to help protect its customers’ crypto assets. We believe that these measures, along with our own internal control procedures, provide Belfrics customers with the highest security protocols and make us one of the safest cryptocurrency exchanges in the markets we serve.
Results of operations and expectations
As Belfrics Group continues to execute on its long-term growth plan, investors should expect lower fourth quarter revenue due to industry conditions and lack of access to capital for expansion . Despite the slowdown in the global cryptocurrency industry, Belfrics Group plans to announce the achievement of several milestones this quarter. Currently, 25 currencies are available for trading on Belfrics exchanges, including BTC, ETH, BEL, ADA, SOL, LTC, USDT, XRP, BCH, DASH, FTM, TRX, XLM, MATIC, SHIB, UNI , OMG, ZRX, LINK, USDC, PAXG, WBTC, DODGE, DAI and DYDX.
For the first nine months of fiscal 2022 ending March 31, 2022, Belfrics’ total revenue was $5.24 million with gross profit of $2.28 million. Life Clips’ total operating costs of $3.87 million for the nine months ended March 31, 2022 included increased professional fees, marketing expenses and payroll expenses. Our upcoming fourth quarter results will reflect these increased expenses. This reiterates the commitment to growth Belfrics has made to its customers, employees and shareholders. Belfrics continued to grow and maintain its employee base, while many of our larger competitors, who raised significantly more capital, announced layoffs during the cryptocurrency downturn.
CEO and Founder of Belfrics, Praveen Kumar, said: “I have stated before that our primary focus will be to get it right the first time as we build our infrastructure for the future. We have continued to follow this path, even if it has been more difficult, and we will continue to improve our systems and our network in order to provide the best possible service to our Belfrics users. Mr. Kumar continued, “We are one of the few regulatory-focused global exchanges doing informed business with regulatory authorities wherever we operate. With our decentralized KYC capability, I can arguably say that we are probably the only exchange right now that can comply with interoperability of compliance information between exchanges, which will be a primary requirement of regulators when regulations will be strengthened.
Life Clips CEO Robert Grinberg commented, “Cryptocurrency enthusiasts remained resilient, and we are starting to see the effect of the return of buying volume to the market as Bitcoin finally broke through the channel. consolidation that has been forming since June 19. which has been evolving in financial markets for decades, I believe that downturns like the ones we have seen in the cryptocurrency market are necessary for any financial market to mature and evolve. As we return to an appreciating market, it will be more supported and healthier, with less speculation. While other cryptocurrency exchanges have slowed down their growth plans, Belfrics has continued to lay the foundation for future prosperity. We plan to update our shareholders on these developments in the coming weeks. »
As the cryptocurrency industry enters its next phase, Life Clips will provide more regular updates to shareholders on Belfrics and Cognitive Apps
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian blockchain and cryptocurrency exchange and platform provider that is authorized and regulated by the Labuan Financial Services Authority ( LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-function trading platform offers digital assets, cryptocurrencies and crypto derivative contracts to its clients. The Belfrics blockchain has been recognized by Gartner as one of the top 10 blockchains in terms of actual projects and has been awarded a patent for its Belrium KYC Verification System (BKVS) by the Nigerian Patent Authority. Cognitive Apps is disrupting the mental health space with its speech-based, AI-powered mental health analytics platform that enables companies to measure, understand and improve mental wellbeing of their employees, patients and customers. Aiki offers CBT and IPT therapies using a chatbot that includes the voice analysis solution that takes into account other health data from Apple and Google HealthKit to perform a more accurate analysis of his mental health . Aiki was developed to capitalize on the trend towards artificial intelligence platforms being used by individuals and businesses to raise awareness about employee mental health. Cognitive Apps is developed by a team of licensed psychotherapists who use voice biomarkers to screen for early signs of mental health issues, such as stress and depression. Aiki is available on the Apple App Store.
For more information on Life Clips, visit www.lifeclips.com
For more information on Belfrics Global, visit www.belfricsgroup.com
For more information on cognitive apps software solutions, visit https://cogapps.com
Disclaimer of Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be prefaced by the words “intends”, “may”, “will”, “expects”, “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified and, therefore, actual results may differ materially from those expressed. or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and development efforts; (ii) the Company’s ability to advance its products to complete their development and commercialization; (iii) the manufacture, development, marketing and market acceptance of the Company’s products; (iv) lack of sufficient financing to fund product development and commercial operations; (v) competitive businesses and technologies within the Company’s industry and the introduction of competing products; (vi) the Company’s ability to establish and maintain business collaborations; (vii) loss of key management personnel; (viii) the extent of protection the Company is able to establish and maintain for the intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential non-compliance with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) difficulty in predicting government actions and regulations. Any forward-looking statements included in this press release speak only as of the date of this press release. The Company undertakes no obligation to update any written or oral forward-looking statement, except as required by law.
For media and investor relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free – USA and Canada
(404) 281-8556 Mobile and WhatsApp