AVENTURA, Fla., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today its wholly owned subsidiary Belfrics Group, one of India’s early adopters of blockchain and cryptocurrency, plans to expand its technology team and open 200 independently owned physical crypto centers in the next 6 months to meet the demands of the fast-growing Indian cryptocurrency market.
Belfrics expects to initially open more than 20 independently owned Belfrics Phygital Centers to sell its exchange and blockchain products. Each office will be independently owned by highly qualified and well-respected local business people to increase the grass root presence of Belfrics across India. Each center will be based on a revenue sharing model between the independently owned center and Belfrics and earn a portion of the revenues they generate from selling Belfrics products exclusively. Each center will be strategically located to capture majority market share and build relationships with local clients by being constantly accessible to them. Belfrics intends to build on of the largest sales network in India, where each independent owner will be responsible for meeting sales targets for the region they invested in.
Praven Kumar, Founder and CEO of Belfrics Group, said, “The culture in India is very social and family-oriented. The bulk of the financial decisions are made by the head of the family, who are between 40 and 65 years old, and they like to see things physically.” Mr. Kumar continued, “We explored several models and made the decision on local, independently owned centers, since it is less capital intensive and helps us with our hyper growth strategy of reaching 200 centers in one year. Working with the independently owned center model allows us to partner with local crypto entrepreneurs and have a strong brand presence, as well as sales network, for all our products.”
Founded in 2014, Belfrics offers a platform for users to buy and sell cryptocurrencies, Leveraged Forex Instruments and Crypto Derivative Contracts. The company was created by a group of entrepreneurs who envisioned the opportunities and benefits of cryptocurrencies as the future of the digital currency market. Building on its global blockchain technology backbone, Belfrics is focused on making cryptocurrency technology effortless to use and accessible to all with an easy-to-use interface.
“The acquisition of Belfrics and its expansion into India is a long-term endeavor for Life Clips. The average cryptocurrency investor in India is just 25 years old, more than 10 years younger than their crypto trading peers in the United States. What’s more, over 70% of these investors are investing in financial assets for the first time,” said Robert Grinberg, CEO and President of Life Clips. Mr. Grinberg continued, “India has been a pivotal center of innovation in engineering and technology for many years. We plan to aggressively expand Belfrics into a powerful cryptocurrency exchange and platform in India. We look forward to drawing from India's exceptional talent pool as Belfrics develops new ways for our customers to interact with the cryptoeconomy.”
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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