Life Clips Inc. (OTCMKTS:LCLP) announced on August 19, 2022, that Belfrics Mexico, an entity operated by Belfrics Group, has begun Mexican operations. The purpose is to serve Mexico’s growing blockchain, cryptocurrency, and digital asset market.
Trading Data
On Friday, LCLP stock soared 14.81% to $0.0031 with more than 25.32 million shares, compared to its average volume of 16.48 million shares. The stock moved within a range of $0.0026 – 0.0035 after opening trade at $0.0028.
Belfrics Commences Mexican Operations; Introduces Blockchain-Based Wallet and Remittance Solution
Belfrics Mexico is all set to introduce its blockchain-based wallet and remittance solution to capitalize on the trend toward increasing remittance flows in Latin America. With business back to normal post the Covid-19 pandemic, the Mexican market stands out as one of the major crypto opportunities in Latin America because of its remittance business.
Belfrics Mexico business will be spearheaded by Manuel Esquivel and Carlos Arce, two senior professionals with lots of experience in the Mexican market. Mr. Esquivel holds a Law degree from NAU Mexico, and he has more than 10 years of experience in FX and derivatives markets in Latin America. Mr. Arce also holds a Law degree from NAU Mexico and holds directorships in leading conglomerates in Mexico, and has been an integral part of developing the Financial System for Banco Agropecuario, Banrural, and Banobras Bank.
Thanks to KYC-compliant Belrium blockchain solutions and incredible leadership, Belfrics aims to be a leading blockchain solution provider and digital assets service provider in Mexico by 2024.
Key Quote
Belfrics CEO and Founder, Praveen Kumar, said, “The Mexican market will be the first region for Belfrics to deploy the blockchain-based wallet and remittance solution. In 2021, Mexico was the third-largest recipient of remittances worldwide, as the amount of money sent to the country from nationals living abroad increased. According to the Mexican central bank, total remittances reached $51.6 billion in 2021, which was a 27% increase from 2020. Research from The Center for Latin American Monetary Studies says this increase is a direct result of Mexican first-line workers in states like California, Texas, and New York earning more income, while also receiving U.S. government-backed stimulus checks. “
Technical Data
LCLP stock is trading above the 20-Day and 50-Day Moving averages of $0.028 and $0.0027 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0103. The company has a total market capitalization of $7.25 million. The stock is down 73% over the past 6-month.
