Not too long ago Life Clips Inc (OTCMKTS:LCLP) had been in the middle of a remarkable rally after it announced that it was going to enter the cryptocurrency industry through the acquisition of Belfrics Group.
Yesterday, the company announced that it completed that acquisition and the Life Clips stock went on another massive rally yet again. On Thursday, the stock ended with gains of as much as 117% as investors piled on to it in a big way. In light of the massive gains, it might be a good idea for investors to take a closer look into the nature of the acquisition.
Belfrics Group is a blockchain technology company with a global presence and runs a number of cryptocurrency exchanges on its own platform. By way of this acquisition, Life Clips is now going to be in charge of the operations of the company in India, Bahrain, Tanzania, Singapore, Nigeria, Kenya and Malaysia.
However, it should be noted that the company is going to operate independently and its current Chief Executive Officer Praveen Kumar is going to continue in his position. The entry into an industry that is expected to grow at an impressive pace in the coming years has possibly led to the excitement among investors about Life Clips.