Some weeks Life Clips Inc (OTCMKTS:LCLP) had made waves in the stock market after it made an announcement with regards to its entry into the cryptocurrency space through the acquisition of the worldwide blockchain tech company Belfrics Group.
Last week the company announced that the deal for the acquisition of Belfrics Group had been closed and that sent the Life Clips stock on another massive rally. The stock ended the week with gains of as much as 117% and it is likely to be on the radars of most investors this morning as well.
The acquisition is a significant one for the company since it is going to straightaway get an entry into the lucrative cryptocurrency exchange industry. Belfrics operates a range of crypto exchanges on its proprietary platforms and at this point in time it has operations in multiple nations. Some of the nations in which the country operates includes India, Bahrain, Tanzania, Singapore, Malaysia and Nigeria.
Belfrics Group is going to continue to be headed by its Chief Executive Officer and founder Praveen Kumar. On the other hand, the CEO of Life Clips, Robert Grinberg, stated that he hoped that Life Clips will be able to build a company that will be ‘meaningful in the industry’