Life Clips Subsidiary Belfrics Selects Coincover Technology To Secure Its Customer’s Crypto Assets

Rhea-AI Summary

Life Clips (OTC Pink: LCLP) announced that Belfrics India selected Coincover’s Consumer Protect technology to secure client crypto assets. With over 100 million crypto owners, India leads globally in cryptocurrency ownership, with a 30% increase in transaction volume over the past year. Coincover offers insurance-backed protection against cyber threats, aiming to enhance investor confidence. The crypto market is projected to grow from $3 billion in 2020 to $39.7 billion by 2025. This partnership aims to solidify Belfrics' competitive edge in India’s expanding crypto landscape.

Positive

• Partnership with Coincover enhances asset protection for Belfrics' crypto investors.
• India's crypto transaction volume increased by 30% over the last year, indicating strong market growth.
• Projected market growth from $3 billion in 2020 to $39.7 billion by 2025 highlights high potential for investor returns.

Negative

• None.

100 million Indians own crypto, the largest number of crypto owners in the world

AVENTURA, Fla., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), announced today that Belfrics India has selected Coincover’s Consumer Protect technology to help safeguard its client’s crypto assets. Belfrics is a global blockchain and cryptocurrency exchange firm. Its multi-feature trading platform for digital assets and cryptocurrencies includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and Belrium (BEL) among others. Founded in 2014, Belfrics is headquartered in Malaysia and operates in seven countries, including India. Coincover is the world’s first provider of protection for cryptocurrency.

According to recent data by TripleA, India now has the largest number of crypto owners in the world with over 100 million owning cryptocurrencies, or 7.3% of the populationⁱ. Demand continues to grow as more Indians are working for overseas companies and are choosing to be paid in crypto over traditional currencies because of the ease of conducting international transfers and lower transaction fees compared to bank transfers. The total volume of crypto transactions in India has increased by 30% in the last year. ⁱⁱ

Coincover Consumer Protect is an insurance-backed guarantee that protects crypto investors against hacks, scams, theft, malware, phishing and brute force attacks. The Consumer Protect technology monitors and limits customer transactions to help prevent malicious activity and is backed by insurance from Lloyd’s of London in case of loss.

“We are very excited to help Belfrics protect their customer’s crypto investments,” said David Janczewski, co-founder and CEO at Coincover. “Our technology provides peace of mind for investors and will enable Belfrics to stand out amongst their competitors in India.”  

Research shows that the demand for crypto and blockchain technology will continue to grow over the next three years, with the market estimated to grow exponentially from $3 billion USD in 2020 to $39.7 billion USD in 2025. Blockchain technology will also continue to provide value-add to businesses (primarily in the finance, private, healthcare and retail sectors) by an estimated $3.1 trillion USD by 2030.

“We are very excited to help Belfrics protect their customer’s crypto investments. Our technology provides peace of mind for investors and regulators alike, and will enable Belfrics to attract new customers to crypto,” said David Janczewski, CEO at Coincover. “Global growth has been phenomenal in the past 18 months and Coincover is helping investors enter this high-growth market by mitigating risk and improving insight.”

Praveen Kumar, founder & CEO at Belfrics Global, said, “Crypto continues to gain acceptance globally and adoption is accelerating in India. With 1.38 billion people, India holds the potential for significant growth in the next few years. Coincover enables us to better attract potential crypto investors by reducing uncertainty and risk. We believe this reassurance will draw a whole new category of investors to cryptocurrency in India.”

One of the primary concerns among investors is to make sure their assets are protected on the platform. Like other financial institutions, regulated exchanges are required to segregate clients’ and firms’ assets. Clients’ assets including digital assets are stored on separate accounts and wallets, under an associated entity, owned by the exchange.

Life Clips CEO Robert Grinberg said, “Assets such as cash, bonds or stocks are usually held by third-party custodian’s such as a bank. However, this is not the case for digital assets. Crypto such as Bitcoin, Ethereum, and Belrium are much different from traditional assets. They are built on blockchains and managed through private keys. The protection of our clients' assets will always be one of our top priorities. This agreement with Coincover Technology provides Belfrics’ customers with an extra layer of protection."

About Life Clips

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.

For Media and Investor Relations, please contact:

David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
https://www.linkedin.com/in/davidkugelman/

ⁱ TripleA, Cryptocurrency Across the World 2021, https://triple-a.io/crypto-ownership/
ⁱⁱ https://media.consensys.net/gartner-blockchain-will-deliver-3-1-trillion-dollars-in-value-by-2030-d32b79c4c560

 

FAQ

What technology did Belfrics India choose for crypto asset protection?

Belfrics India selected Coincover’s Consumer Protect technology.

How many crypto owners are there in India?

India has over 100 million crypto owners, the largest number worldwide.

What is the projected growth of the crypto market by 2025?

The crypto market is projected to grow from $3 billion in 2020 to $39.7 billion by 2025.

What increase did India's crypto transaction volume experience over the last year?

India's crypto transaction volume increased by 30% in the last year.

What does Coincover’s technology protect against?

Coincover’s technology protects against hacks, scams, theft, malware, phishing, and brute force attacks.