Life Clips Inc (OTCMKTS:LCLP), in a statement, announced that Belfrics International Limited (Labuan) in Malaysia, is its subsidiary. The company owns a money broker license, which is reportedly issued by Labuan Financial Services Authority. The group is offering its customers services in the areas of Forex Instruments and Crypto Contracts.
It has come to light that the Belfrics Exchange has ambitious plans for scaling up its business by offering services. Apart from providing services in sectors of Forex Instruments and Crypto Contracts, the company is considering to reopen its exchange which deals with cryptocurrency in India in October. A source who is familiar with the developments stated that the group will open up its office in 22 centers across the country.
As part of its trading rules and regulations, the digital asset trading platform Belfrics Exchange has made the know your customer (KYC) process mandatory. The procedure is used to identify and verify customers.
In terms of revenue earned, according to sources, it is learned that the exchange at present generates an income of over $10 million through everyday trade volume by offering its more than a dozen crypto pairs to thousands of its customers who are geographically located in different countries across the world.
Market Reaction:
On Friday, LCLP stock moved up 16% at $0.0303 with more than 50.87 million shares, compared to its average volume of 128.37 million shares. The stock has moved within a range of $0.0251 – 0.0318 after opening the trade at $0.0265.
