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LCLP ENTERING THE CRYPTO SPACE

Link:
https://insiderfinancial.com/lclp-hits-jackpot-with-massive-crypto-acquisition/181785/

Cognitive Apps is a great strategic advancement on its own, but LCLP is going even further to access new markets with tremendous potential. The company is about to run cryptocurrency exchanges in several countries with considerable trading volumes.

At the end of April, Life Clips announced that its subsidiary Cognitive Apps Software has signed a Letter of Intent (LOI) to license its Yuru software to Malaysian BelfricsBT for use in its products in the Southeast Asian market. BelfricsBT provides a wide range of blockchain-related services, including blockchain-powered smart contracts and crypto exchange software, as well as custom solutions.

As it turns out, LCLP went even further and decided to buy Belfrics Group altogether – and that is the major news that everyone is talking about.

On July 15, Life Clips was the number one stock with the most new watchers in the last 24 hours on Stocktwits. The share price skyrocketed from $0.0017 before the news to a YTD high of 5 cents on July 15. While the OTC stock has corrected and is trading at $0.022, there is much room for growth.

Belfrics Group runs cryptocurrency exchanges on its platform and operates in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain. In 2018, Belfrics became the first-ever exchange in the Middle East to obtain a Central Bank-issued Sandbox license, when it was approved by the Central Bank of Bahrain to operate its crypto exchange in the country.

According to the acquisition announcement released on July 14, Belfrics has the capability to process over 1 million transactions per second. Belfrics CEO and founder, Praveen Kumar, will main his position as the CEO, while Robert Grinberg will continue to serve as CEO of Life Clips.

Belfrics CEO and Founder, Praveen Kumar, commented:

“This is an exciting time for Belfrics. After many years of hard work building a global exchange for cryptocurrency and the most secured trading platform, it is time to spread our wings globally. The acquisition of Belfrics by Life Clips will help expand the reach of both our cryptocurrency platform and our blockchain solutions, which will create an impact worldwide.”