Life Clips (OTCMKTS:LCLP) Stock Trends Lower: Falls 13% In a Week

The growth of the cryptocurrency and blockchain sectors have also led to the rise in prominence of many companies in recent times and one of those is Life Clips (OTCMKTS:LCLP). However, in recent days, the stock has performed quite poorly and the situation remained the same yesterday as the stock tumbled by another 3%.

Trading Data

On Thursday, TLSS stock surged 11.60% to $0.0139 with more than 32.48 million shares, compared to its average volume of 13.10 million shares. The stock has moved within a range of $0.0133 – 0.0150 after opening trade at $0.0145.

Belfrics, subsidiary of Life Clips launches Channel Partner Program

The decline on Thursday took the losses made by the stock in the past week to as much as 13%. In this situation, it may be a good time for investors to take a look at key development from yesterday that might have long term ramifications for Life Clips.

Yesterday, the company announced that it had launched a Channel Partner Program for the purpose of developing key relationships and also bring in strategic partners for its operations in India. It was noted that the company’s subsidiary Belfrics had already tied up an agreement with the Maharastra Information Technology Support Centre in the Western Indian state for the goal of marketing the BelfricsBT technology offerings.

Although the announcement did not lead to much positivity about the stock, it should be noted that the new program could help the company in growing its business in India significantly in the long run.

Key Quote

Belfrics CEO and Founder, Praveen Kumar, said, “This agreement with MITSC will expand BelfricsBT’s relationship with government, while providing us an opportunity to target larger government opportunities. This is more than just a business development agreement, it marks the start of our dedicated partner program, which is an entirely new venture. We plan to work with partners who desire best-in-class solutions for blockchain technology in sectors such as finance, government, and healthcare. BelfricsBT’s portfolio of solutions will provide our resellers and partners throughout the region with the specific resources they need to develop new opportunities and build revenue streams with ease.”

Technical Data

LCLP stock is trading below the 20-Day and 50-Day Moving averages of $0.0173 and $0.0184 respectively. However, the stock is trading above the 200-Day moving average of $0.0189.