$LCLP Life Clips Subsidiary Belfrics Group Plans M

$LCLP Life Clips Subsidiary Belfrics Group Plans Major Expansion In India

https://www.globenewswire.com/news-release/20...India.html

AVENTURA, Fla., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today its wholly owned subsidiary Belfrics Group, one of India’s early adopters of blockchain and cryptocurrency, plans to expand its technology team and open 200 independently owned physical crypto centers in the next 6 months to meet the demands of the fast-growing Indian cryptocurrency market.

Belfrics expects to initially open more than 20 independently owned Belfrics Phygital Centers to sell its exchange and blockchain products. Each office will be independently owned by highly qualified and well-respected local business people to increase the grass root presence of Belfrics across India. Each center will be based on a revenue sharing model between the independently owned center and Belfrics and earn a portion of the revenues they generate from selling Belfrics products exclusively. Each center will be strategically located to capture majority market share and build relationships with local clients by being constantly accessible to them. Belfrics intends to build on of the largest sales network in India, where each independent owner will be responsible for meeting sales targets for the region they invested in.

Praven Kumar, Founder and CEO of Belfrics Group, said, “The culture in India is very social and family-oriented. The bulk of the financial decisions are made by the head of the family, who are between 40 and 65 years old, and they like to see things physically.” Mr. Kumar continued, “We explored several models and made the decision on local, independently owned centers, since it is less capital intensive and helps us with our hyper growth strategy of reaching 200 centers in one year. Working with the independently owned center model allows us to partner with local crypto entrepreneurs and have a strong brand presence, as well as sales network, for all our products.”

Founded in 2014, Belfrics offers a platform for users to buy and sell cryptocurrencies, Leveraged Forex Instruments and Crypto Derivative Contracts. The company was created by a group of entrepreneurs who envisioned the opportunities and benefits of cryptocurrencies as the future of the digital currency market. Building on its global blockchain technology backbone, Belfrics is focused on making cryptocurrency technology effortless to use and accessible to all with an easy-to-use interface.

“The acquisition of Belfrics and its expansion into India is a long-term endeavor for Life Clips. The average cryptocurrency investor in India is just 25 years old, more than 10 years younger than their crypto trading peers in the United States. What’s more, over 70% of these investors are investing in financial assets for the first time,” said Robert Grinberg, CEO and President of Life Clips. Mr. Grinberg continued, “India has been a pivotal center of innovation in engineering and technology for many years. We plan to aggressively expand Belfrics into a powerful cryptocurrency exchange and platform in India. We look forward to drawing from India's exceptional talent pool as Belfrics develops new ways for our customers to interact with the cryptoeconomy.”