Shares of Life Clips (OTCMKTS:LCLP) on 15th July 2021 surged on the company announcing its foray into the cryptocurrency space. The firm announced acquisition of Belfrics Group to enter the crypto space. Founded in 2014, Belfrics has operations in Singapore, Malaysia, India, Kenya, Bahrain amongst others, has the capacity to handle over a million transactions every second. Founder of Belfrics and CEO Praveen Kumar will stay as the lead even after acquisition.
Robert Grinberg, CEO of Life Clips said that the total volume of mergers and acquisitions in the crypto industry doubled from $481 million in 2019 to $1.1 billion in 2020.
He added that the average deal size surged from $19 million in 2019 to nearly $53 million. It is estimated that over 756 million shares have been traded as compared to the company’s daily average trading volume of 92.5 million shares. It is estimated that the crypt market will be $8 trillion dollars by 2030 and blockchain market will add $176 billion to the US GDP during the same period.
Belfrics CEO and Founder, Praveen Kumar said that this deal will allow the firm to go global creating an impact worldwide.
Belfricsoperates two distinct business verticals: Digital asset exchange and blockchain division. Its proprietary blockchain, Belrium, acts the central focal point of the blockchain division.
The deal is expected to be completed by second quarter.
Market Reaction:
On Friday, LCLP stock soared 71% at $0.0379 with more than 811.98 million shares, compared to its average volume of 42.98 million shares. The stock had moved within a range of $0.0222 – 0.0465 after opening the trade at $0.0229. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0569.
 Stock Picks Up Solid Momentum: Here is Why){kind=link}