- Belfrics Group is a world blockchain know-how agency, licensed and controlled by the Labuan Financial Services Authority (LFSA) in Malaysia, working cryptocurrency exchanges on its proprietary blockchain platform
- Belfrics Group took the longer-term, harder route of establishing regional exchanges in all of its goal areas, as a substitute of working from a single offshore jurisdiction
AVENTURA, Fla., July 29, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) in the present day reported its Belfrics Group subsidiary will proceed its company operations as different cryptocurrency exchanges lay off workers and cut back plans for progress. Founded in 2014, Belfrics developed its digital trade platform primarily based on its proprietary blockchain with in depth KYC capabilities. By taking the longer-term strategy of establishing regional exchanges in all of its goal areas, Belfrics Group is now efficiently working in 8 nations with 8 completely different verticals.
Belfrics Group Operations
Belfrics Group (the “Company”, or “Belfrics”) is a world blockchain know-how agency working cryptocurrency exchanges on its proprietary buying and selling platform. The firm is licensed and controlled by the Labuan Financial Services Authority (LFSA) in Malaysia with presence in Malaysia, Singapore, India, Kenya, Tanzania, and Nigeria. In addition to our Belfrics Exchange, Belfrics Group gives blockchain associated applied sciences and options to an increasing base of clients. Belfrics is provided with its personal Blockchain-based KYC answer, which makes us one of the few world exchanges geared up to trace and monitor digital foreign money transactions and successfully ship inter-operable digital foreign money knowledge switch between exchanges and monetary establishments. With an in-house developed buying and selling platform and with regulatory compliance expertise in Asia, Asia Pacific, Africa and the Middle East, Belfrics is poised to adjust to upcoming rules when such frameworks are inevitably imposed on the trade. As most cryptocurrency exchanges resist regulation, our efforts to work with native authorities places Belfrics Group a step forward of the competitors.
Belfrics Group Security
According to a Web3 Quarterly Security Report for Q2 2022 by US cybersecurity agency, CertiK, the second quarter of 2022 noticed over $870 million misplaced to web3 hacks and breaches. The whole quantity of cash misplaced to hacks and breaches of web3 platforms has crossed $2 billion in the primary half of 2022 — thus exceeding the overall quantity of breaches seen globally in 2021. Belfrics’ end-to-end Belrium identification course of is a robust measure to forestall monetary shopper and market abuses. Belrium serves as a decentralized infrastructure for KYC verifications, which is able to present the important thing help in the verification and identification course of or the originator and beneficiary of the transactions concerned in additional eliminating the danger of figuring out the vacation spot and the supply of the funds that was obtained or despatched by the shopper.
In January 2022, Belfrics obtained an unique license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system from Software Research Labs LLC to boost the safety of our blockchain. Belfrics makes use of Coincover’s Consumer Protect know-how to assist safeguard its shopper’s crypto property. We consider these measures, together with our personal inner management procedures, supply Belfrics’ clients the best safety protocols and make us one of the most secure cryptocurrency exchanges in the markets we serve.
Results of Operations and Expectations
As Belfrics Group continues to execute on its plan for long-term progress, buyers ought to anticipate a decline in fourth quarter revenues consequently of trade situations and lack of entry to capital for enlargement. In spite of the worldwide cryptocurrency trade slowdown, Belfrics Group expects to announce the achievement of a number of milestones this quarter. As of now 25 currencies can be found for buying and selling on Belfrics exchanges, which incorporates BTC, ETH, BEL, ADA, SOL, LTC, USDT, XRP, BCH, DASH, FTM, TRX, XLM, MATIC, SHIB, UNI, OMG, ZRX, LINK, USDC, PAXG, WBTC, DODGE, DAI, and DYDX.
For the primary 9 months of fiscal 2022 ending March 31, 2022, Belfrics’ whole revenues had been $5.24 million with a gross revenue of $2.28 million. Life Clips’ whole working prices of $3.87 million for the 9 months ended March 31, 2022 included greater skilled charges, advertising and marketing bills, and payroll bills. Our upcoming fourth quarter outcomes will replicate these elevated bills. This reiterates the dedication for progress Belfrics made to its clients, workers, and shareholders. Belfrics has continued to develop and preserve its worker base, whereas many of our bigger opponents, who’ve raised considerably extra capital, introduced layoffs through the downturn in cryptocurrency.
Belfrics CEO and Founder, Praveen Kumar stated, “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 trade enters its subsequent part, Life Clips will present extra common shareholder updates on each Belfrics and Cognitive Apps
About Us
Life Clips is the dad or mum firm of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian primarily based blockchain supplier and cryptocurrency trade and platform that’s licensed and controlled by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational workplaces in 8 nations, Belfrics’ multi-feature buying and selling platform gives digital property, cryptocurrencies, and crypto by-product contracts to its purchasers. Belfrics blockchain has been acknowledged by Gartner as being a prime 10 blockchain in phrases of real-world initiatives and has obtained a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the house of psychological well being with its speech-based, AI-powered psychological well being analytics platform that empowers companies to measure, perceive, and enhance the psychological well-being of their workers, sufferers, and clients. Aiki delivers CBT and IPT therapies utilizing a chatbot which and contains the voice evaluation answer that takes in different well being knowledge from Apple and Google HealthKit to make a extra correct evaluation of one’s psychological well being. Aiki was developed to capitalize on the development in the direction of synthetic intelligence platforms utilized by people and firms to boost consciousness of workers’ psychological well being. Cognitive Apps is developed by a workforce of licensed psychotherapists that makes use of vocal biomarkers to display for early indicators of psychological well being situations, corresponding to stress and melancholy. Aiki is on the market 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 analysis, manufacturing and different growth efforts; (ii) the Company’s capacity to advance its merchandise to efficiently full growth and commercialization; (iii) the manufacturing, growth, commercialization, and market acceptance of the Company’s merchandise; (iv) the dearth of enough funding to finance the product growth and enterprise operations; (v) aggressive corporations and applied sciences throughout the Company’s trade and introduction of competing merchandise; (vi) the Company’s capacity to ascertain and preserve company collaborations; (vii) loss of key administration personnel; (viii) the scope of safety the Company is ready to set up and preserve for mental property rights protecting its merchandise and its capacity to function its enterprise with out infringing the mental property rights of others; (ix) potential failure to adjust to relevant well being info privateness and safety legal guidelines and different state and federal privateness and safety legal guidelines; and (x) the problem of predicting actions of the federal government and its rules. All forward-looking statements included in this press launch are made solely as of the date of this press launch. The Company assumes no obligation to replace any written or oral forward-looking assertion until required by regulation.
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