Life Clips Subsidiary Belfrics Goes Live Offering Crypto Derivatives and Leveraged Forex Instruments On Its Platform
Crypto derivative volumes rose 54% to a record high of more than $710 billion in August; Forex market records daily volume of $6.6 trillion
September 29, 2021 07:30 ET | Source: Life Clips Inc.
AVENTURA, Fla., Sept. 29, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), announced today that its wholly owned subsidiary Belfrics International Limited (Labuan) Malaysia, which holds a money broker license from Labuan Financial Services Authority, will go live offering Leveraged Forex Instruments and Crypto Derivative Contracts to its customers on Saturday, October 2, 2021. Belfrics’ Leveraged Forex Instruments and Crypto Derivative Contracts will be available at http://18.104.22.168/belfricsweb11/Account/Login
Belfrics Exchange has plans for rapid expansion. In addition to offering Leveraged Forex Instruments and Crypto Derivative Contracts, it plans to relaunch its cryptocurrency exchange in India in October and open 22 centers in various parts of the country. Belfrics Exchange is a digital asset trading platform that uses a mandated KYC component to identify and verify its users. Belfrics’ proprietary Belrium KYC Verification System is used for KYC identification and verification process for the Belfrics Exchange. Belfrics Exchange currently generates more than $10 million in daily volume by offering 15 crypto pairs to more than 35,000 customers in 12 countries. Belfrics Exchange expects to gain significant market share in the Crypto Derivative market, since there are very few competitors offering the product in the region. In addition to retail interest in Leveraged Forex Instruments and Crypto Derivative Contracts, Belfrics Exchange expects to benefit from pockets of high-volume institutional flows as a result of deep relationships with commodity brokers in many regions.
Belfrics is seamlessly offering Leveraged Forex Instruments and Crypto Derivative Contracts to its customers through Hybrid Solutions' VertexFX platform. Hybrid Solutions has been serving forex brokers since 2002 with its VertexFX platform, which features advanced plugins that benefit both retail and institutional traders. The collaboration with Hybrid solutions will ensure a high-quality trading experience for Belfrics Exchange customers as trading volumes increase. Traders will be able to deploy advanced money management tools, copy trading, and auto trading strategies using the VertexFX platform plugins on desktop, web, iOS and Android platforms.
Akram Majed, CEO of Hybrid Solutions said, “VertexFX Trader provides Belfrics Exchange customers the ability to check all open trades, the market, and pending entry orders through the trade panel in our trading platform. Positions can easily be closed by right-clicking on the position on the trader panel and add a trailing stop, or by double clicking on it. VertexFX Trader also allows users the ability to hedge selected positions, generate reports, and change appearance settings with one click." Mr. continued, "Hybrid Solutions is grateful for the opportunity to provide Belfrics Exchange and its customers seamless access to Leveraged Forex Instruments and Crypto Derivative Contracts.”
According to CryptoCompare, a global cryptocurrency market data provider, crypto derivative volumes rose 54% to more than $710 billion in August in its monthly Exchange Review. That's a new all-time high, with August's figures now far exceeding the $602 billion monthly volumes reported in May. The Forex market is the largest financial market in the world – larger even than the stock market, with a daily volume of $6.6 trillion, according to the 2019 Triennial Central Bank Survey of FX and OTC derivatives markets. With Both the CEOs of Belfrics and Life Clips having in-depth experience in trading markets, traders can expect additional innovative products and optimal trading conditions through Belfrics trading platforms.
Belfrics CEO and Founder, Praveen Kumar said, “The Forex Market offers Belfrics Exchange and its customers tremendous opportunities, but the Crypto Derivative market provides our exchange with the opportunity to take significant market share in the space, since there are few players in the space as of yet. Offering access to these markets on our platform gives Belfrics Exchange a tremendous advantage over many of our competitors.” Mr. Kumar continued, "We have set an aggressive goal to achieve over $2 billion in monthly volumes before the end of 2021. As we relaunch our cryptocurrency exchange in India and open 22 centers in various parts of the country next month, we believe our goal is attainable."
Robert Grinberg, CEO and President of Life Clips, Inc. said, "We are committed to providing Belfrics Exchange and its customers access to new and innovative products, as well as access to capital for expansion. We believe Belfrics' plan to introduce leveraged Forex instruments and crypto derivative contracts to its clients is a very timely move. Crypto derivatives have become increasingly more popular among traders, and we expect this piece of the puzzle to spark tremendous growth in Belfrics Exchange.” Mr. Grinberg continued, "We are very excited about the potential for both Belfrics Exchange and Belrium blockchain. We closed our acquisition ahead of schedule and introduced leveraged Forex instruments and crypto derivative contracts as planned. We anticipate announcing additional opportunities related to our acquisition of Belfrics Group in the near future."
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
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