Life Clips’ Belfrics Subsidiary Grows Crypto Exchange Volume while Expanding Trading Opportunities with Forex and Derivatives Platform

Rhea-AI Summary

Life Clips (OTC Pink: LCLP) reported over $1.5 billion in exchange volume, reflecting a significant year-over-year increase in revenue. Belfrics, its subsidiary, operates a spot exchange for trading cryptocurrencies like Bitcoin and its own coin, Belrium. Belfrics also launched a forex and crypto derivatives platform in collaboration with Hybrid Solutions, enhancing trading options. CEO Robert Grinberg noted the potential for increased user engagement. The company adheres to regulatory requirements, aiming to provide cryptocurrency access in underserved areas.

Positive

• Over $1.5 billion in exchange volume indicates strong growth.
• Significantly increased revenue from last quarter.
• Launch of forex and crypto derivatives platform improves trading options.
• Regulatory compliance enhances credibility in the market.

Negative

• None.

AVENTURA, Fla., Feb. 04, 2022 (GLOBE NEWSWIRE) -- With the announcement of more than $1.5 billion in exchange volume, Life Clips’ (OTC Pink: LCLP) (the “Company”) subsidiaries that make up the Belfrics group of companies, have significantly increased the year over year volumes on its exchanges and with it, an equally impressive increase in revenue and volume from last quarter to this quarter.

“We have seen a tremendous revenue growth on our spot exchange,” said Praveen Kumar, Chief Executive Officer and Founder of Belfrics. “The spot exchange refers to where clients can buy and sell cryptocurrencies such as Bitcoin, Ethereum or our own coin, Belrium. This is what most people think of when they think of a cryptocurrency exchange.”

In addition to a spot exchange where cryptocurrency itself is traded, Belfrics also offers a forex and cryptocurrency derivatives platform. In collaboration with Hybrid Solutions, a leading platform service provider in the FOREX industry, Belfrics launched its forex and crypto derivatives trading on IOS, Android and web-trader, during the past quarter.

Life Clips CEO, Robert Grinberg commented, “Our Forex and crypto derivatives platform allows clients to not only buy and sell traditional foreign exchange pairs, but also allows you to buy or sell cryptocurrency derivatives just as you would trade traditional currency futures. We look forward to increasing participation on our forex platform as more people engage in cryptocurrency trading on our spot exchanges.” Mr. Grinberg is experienced in operating trading platforms having previously owned a US registered broker-dealer.

Belfrics seeks to provide exchange and trading platforms that comply with all regulatory, AML and KYC requirements in each of the jurisdictions where they operate and to provide access to cryptocurrency in areas traditionally underserved by technology.

About Us

Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which and includes the Yuru voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by employers to raise awareness of employees’ mental health. Cognitive Apps’ Yuru is a 3-in-1 tool developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Yuru is available on Apple‘s 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

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “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 consequently, 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 other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the government and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.

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FAQ

What was the exchange volume reported by Life Clips (LCLP)?

Life Clips reported over $1.5 billion in exchange volume.

How did Life Clips' revenue change from last quarter?

Life Clips experienced a significant increase in revenue from the last quarter.

What services does Belfrics provide under Life Clips?

Belfrics operates a spot exchange for cryptocurrencies and a forex and crypto derivatives platform.

What cryptocurrencies are available on Belfrics' exchange?

Belfrics allows trading of cryptocurrencies such as Bitcoin, Ethereum, and its own coin, Belrium.

What is the goal of Belfrics in the cryptocurrency market?

Belfrics aims to provide access to cryptocurrency in areas traditionally underserved by technology.