Life Clips, Inc. - LCLP STOCK NEWS

Life Clips has announced its Belfrics subsidiary will issue about 1 million Ayushman Bharat Health Account (ABHA) IDs in India using the Belshare app by June 2023. This initiative supports India's digital health ecosystem, projected to reach $10.7 billion by 2027, with a CAGR of 21.36%. Belfrics has completed the Milestone 1 integration for this project and aims to enhance data interoperability in healthcare. The firm is set to target state governments to expand healthcare data solutions throughout India.

Life Clips has announced the spin-off of its subsidiary, Cognitive Apps Software Solutions Inc. (CogApps), to its shareholders. Shareholders will receive shares of CogApps based on their holdings in Life Clips as of the record date. CogApps, which provides AI-driven mental health monitoring tools, aims to be publicly traded to pursue acquisitions and funding for growth. This move reflects Life Clips' commitment to enhancing shareholder value. Further updates, including the record date and share distribution percentage, will be released shortly.

Life Clips (LCLP) announced its collaboration with India’s National Health Authority for the implementation of the Belrium blockchain in the Ayushman Bharat Digital Mission (ABDM). A meeting held on August 24, 2022, focused on completing demo milestones and discussed future integration of the blockchain into healthcare modules. Belfrics aims to capture 20% of the ABDM market over the next five years, potentially impacting 200 million citizens. The CEO expressed optimism about their unique position among 57 providers and the significant growth forecast for the global blockchain healthcare market.

Life Clips (LCLP) has launched its Belfrics Mexico subsidiary to tap into the burgeoning blockchain and remittance market in Mexico. With remittance flows reaching $51.6 billion in 2021, the company aims to introduce a blockchain wallet along with remittance solutions, backed by an increasing demand for digital payments and stablecoins. The Mexican digital payment segment is projected to reach $71 billion this year, reflecting robust growth opportunities. Under the guidance of seasoned professionals, Belfrics plans to establish educational and healthcare decentralized applications (dApps) targeting local needs.

Life Clips (LCLP) announced the expansion of Belfrics Technologies Limited into the UAE, specifically in the Dubai International Financial Centre (DIFC). This move aligns with the UAE's Blockchain Strategy 2021, aiming for significant efficiencies in government operations. Belfrics' blockchain, Belrium, will support decentralized applications in various sectors. The DIFC is recognized for attracting foreign investment, providing Belfrics with substantial growth opportunities across the Middle East, Africa, and South Asia.

Life Clips, Inc. (LCLP) announced a strategic partnership between its subsidiary Belfrics International and TP Global Limited to enhance offerings in crypto derivatives and blockchain solutions. TP Global FX aims to onboard 120,000 clients and reach a monthly trading volume of $1 billion in 2023. This collaboration aligns with Belfrics' goal to expand its B2B services and increase user engagement on its platform. The partnership will leverage Belfrics’ proprietary blockchain and trading infrastructure, providing a comprehensive suite of services to crypto traders worldwide.

Life Clips, Inc. (OTC Pink: LCLP) announced that its subsidiary, Belfrics Group, will maintain operations amidst industry layoffs. Founded in 2014, Belfrics operates cryptocurrency exchanges in 8 countries using its own blockchain platform with advanced KYC capabilities. Despite a revenue decline expected in Q4 due to market conditions, Belfrics boasts $5.24 million in revenues for the first nine months of fiscal 2022. The firm emphasizes compliance with regulations, setting it apart in the crypto sector, which faces increased threat of hacks, having lost over $2 billion in the first half of 2022.

Life Clips, Inc. (OTC Pink: LCLP) reported strong financial results for its Belfrics Group subsidiary for Q3 fiscal 2022. Revenues rose 32.6% to $2.96 million compared to $2.235 million in Q2, marking a 100% increase year-over-year. Commissions and Fees rose 29% to $2.04 million, and Investment Advisory revenue surged 84% to $662,478. However, net income fell to $3.35 million from $4.81 million in the same quarter last year. Total operating costs increased significantly due to the Belfrics acquisition.

Life Clips, Inc. (LCLP) announced that its subsidiary, Belfrics Group, has secured an exchange operational license in Poland, marking its entry into the European Union. This license facilitates various services including currency exchange, virtual payments, and brokerage. The move follows Poland's legislation that regulates cryptocurrency trading, necessitating registration for crypto firms. Belfrics is also working on launching its Polish website and pursuing licenses in other countries.