Belfrics Group Continues Corporate Operations in Spite of Crypto Market Turmoil
AVENTURA, Fla., July 29, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today reported its Belfrics Group subsidiary will continue its corporate operations as other cryptocurrency exchanges lay off employees and reduce plans for growth. Founded in 2014, Belfrics 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 is now successfully operating in 8 countries with 8 different verticals.
Belfrics Group Operations
Belfrics Group Security
In January 2022, Belfrics obtained an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system from Software Research Labs LLC to enhance the security of our blockchain. Belfrics utilizes Coincover’s Consumer Protect technology to help safeguard its client’s crypto assets. We believe these measures, along with our own internal control procedures, offer Belfrics' customers the highest security protocols and make us one of the safest cryptocurrency exchanges in the markets we serve.
Results of Operations and Expectations
For the first nine months of fiscal 2022 ending March 31, 2022, Belfrics’ total revenues were $5.24 million with a gross profit of $2.28 million. Life Clips’ total operating costs of $3.87 million for the nine months ended March 31, 2022 included higher professional fees, marketing expenses, and payroll expenses. Our upcoming fourth quarter results will reflect these increased expenses. This reiterates the commitment for growth Belfrics made to its customers, employees, and shareholders. Belfrics has continued to grow and maintain its employee base, while many of our larger competitors, who have raised significantly more capital, announced layoffs during the downturn in cryptocurrency.
Belfrics CEO and Founder, Praveen Kumar said, “I have previously stated our primary focus would be to do things right the first time as we build out our infrastructure for the future. We have continued to follow this path, even though it has been more difficult, and we will continue to improve our systems and our network in order to provide the best possible service for our Belfrics users." Mr. Kumar continued, "We are one of the few global exchanges focused on regulations and doing informed business with the regulatory authorities wherever we operate. With our decentralized KYC capability, I can arguably say that we are probably the only exchange at present that can comply with interoperability of compliance information between the exchanges, which will be a primary requirement of the regulators when regulations are tightened up.”
Life Clips CEO, Robert Grinberg, commented, “Cryptocurrency enthusiasts have remained resilient, and we are starting to see the effect of returning buying volume on the market as Bitcoin has finally broken through the consolidation channel that has been forming since June 19. As one who has been around financial markets for decades, I believe downturns like 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 sustained and healthier, with less speculation. As other cryptocurrency exchanges have slowed down their plans for growth, Belfrics has continued to lay the foundation for future prosperity. We expect 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 shareholder updates on both Belfrics and Cognitive Apps
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 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 individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is 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. Aiki is available on Apple‘s App Store.
For more information on Life Clips visit www.lifeclips.com
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