The cryptocurrency space is booming and hence, many companies are now deciding to enter the industry in order to cash in on it. One of the companies to have announced that it is all set enter the industry lately is Life Clips (OTCMKTS:LCLP). The company is all set to enter the sector through the acquisition of the Belfrics Group.
It is a major new development for the company and although it had initially led to a major rally in the Life Clips stock, it actually corrected by 33% on Thursday. Belfrics is a company that is best known for operating cryptocurrency exchanges by deploying its proprietary platform.
More importantly, it is a pretty big player in the industry as well considering the fact that currently it boasts of having operations in Tanzania, India, Bahrain, Malaysia, Nigeria and Singapore.
In addition to that, it is also necessary to note that Belfrics has the capability of completing as many as a million transaction every second and hence, it gives Life Clips the opportunity of scaling up the crypto exchange operations considerable once the takeover is completed. After the sharp decline in the Life Clips stock yesterday, it now remains to be seen if it can mount a recovery today.
Market Reaction:
On Thursday, LCLP stock corrected 33.30% at $0.0222 with more than 1.16 billion shares, compared to its average volume of 49.59 million shares. The stock had moved within a range of $0.0211 – 0.0569 after opening the trade at $0.0330. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0569.
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