The massive popularity of cryptocurrencies has prompted many companies to quietly move into this space in one way or another and Life Clips Inc (OTCMKTS:LCLP) is the latest company to have done so.
The company announced last week that it reached an agreement by way of which it was going to acquire the multinational blockchain company Belfrics Group. The news proved to be a major trigger for the rally in the stock and although the Life Clip stock declined by 15% yesterday, it is still up by as much as 165% over the course of the past two weeks.
Yesterday, it emerged that the Tanzanian unit of Belfrics Group concluded a workshop with the government of the country with reards to blockchain solutions. The workshop was known as “Block Chain Technology: Opportunities and Risks” and Dr. Faustine Ndugulile was in charge of the whole thing.
Belfrics Group deploys its own platform to operate a range of cryptocurrency exchanges and currently its operations are spread across many countries. The excitement among investors with regards to this acquisition from Life Clips is understandable. It is now going to be interesting to see if the stock can mount a recover today and end the week on a high.
Market Reaction:
On Thursday, LCLP stock fell 14.58% at $0.0267 with more than 133.48 million shares, compared to its average volume of 62.85 million shares. The stock had moved within a range of $0.0255 – 0.0370 after opening the trade at $0.0300. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0619.
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