Belfrics Group is a global blockchain technology firm, licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia, operating cryptocurrency exchanges on its proprietary blockchain platform
Belfrics Group took the longer-term, more difficult route of establishing regional exchanges in all of its target regions, instead of operating from a single offshore jurisdiction
Life Clips, Inc. reported its Belfrics Group subsidiary will continue its corporate operations as other cryptocurrency exchanges lay off employees and reduce plans for growth. Founded in 2014, Belfrics developed its digital exchange platform based on its proprietary blockchain with extensive KYC capabilities. By taking the longer-term approach of establishing regional exchanges in all of its target regions, Belfrics Group is now successfully operating in 8 countries with 8 different verticals.
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Belfrics Group Operations
Belfrics Group (the “Company”, or “Belfrics”) is a global blockchain technology firm operating cryptocurrency exchanges on its proprietary trading platform. The company is licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia with presence in Malaysia, Singapore, India, Kenya, Tanzania, and Nigeria. In addition to our Belfrics Exchange, Belfrics Group provides blockchain related technologies and solutions to an expanding base of customers. Belfrics is equipped with its own Blockchain-based KYC solution, which makes us one of the few global exchanges equipped to track and monitor digital currency transactions and effectively deliver inter-operable digital currency data transfer between exchanges and financial institutions. With an in-house developed trading platform and with regulatory compliance experience in Asia, Asia Pacific, Africa and the Middle East, Belfrics is poised to comply with upcoming regulations when such frameworks are inevitably imposed on the industry. As most cryptocurrency exchanges resist regulation, our efforts to work with local authorities puts Belfrics Group a step ahead of the competition.
Belfrics Group Security
According to a Web3 Quarterly Security Report for Q2 2022 by US cybersecurity firm, CertiK, the second quarter of 2022 saw over $870 million lost to web3 hacks and breaches. The total amount of money lost to hacks and breaches of web3 platforms has crossed $2 billion in the first half of 2022 — thus exceeding the total volume of breaches seen globally in 2021. Belfrics’ end-to-end Belrium identification process is a strong measure to prevent financial client and market abuses. Belrium serves as a decentralized infrastructure for KYC verifications, which will provide the key assistance in the verification and identification process or the originator and beneficiary of the transactions involved in further eliminating the risk of identifying the destination and the source of the funds that was received or sent by the client.
In January 2022, Belfrics obtained an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system from Software Research Labs LLC to enhance the security of our blockchain. Belfrics utilizes Coincover’s Consumer Protect technology to help safeguard its client’s crypto assets. We believe these measures, along with our own internal control procedures, offer Belfrics’ customers the highest security protocols and make us one of the safest cryptocurrency exchanges in the markets we serve.
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Results of Operations and Expectations
As Belfrics Group continues to execute on its plan for long-term growth, investors should expect a decline in fourth quarter revenues as a result of industry conditions and lack of access to capital for expansion. In spite of the global cryptocurrency industry slowdown, Belfrics Group expects to announce the achievement of several milestones this quarter. As of now 25 currencies are available for trading on Belfrics exchanges, which includes BTC, ETH, BEL, ADA, SOL, LTC, USDT, XRP, BCH, DASH, FTM, TRX, XLM, MATIC, SHIB, UNI, OMG, ZRX, LINK, USDC, PAXG, WBTC, DODGE, DAI, and DYDX.
For the first nine months of fiscal 2022 ending March 31, 2022, Belfrics’ total revenues were $5.24 million with a gross profit of $2.28 million. Life Clips’ total operating costs of $3.87 million for the nine months ended March 31, 2022 included higher professional fees, marketing expenses, and payroll expenses. Our upcoming fourth quarter results will reflect these increased expenses. This reiterates the commitment for growth Belfrics made to its customers, employees, and shareholders. Belfrics has continued to grow and maintain its employee base, while many of our larger competitors, who have raised significantly more capital, announced layoffs during the downturn in cryptocurrency.
Belfrics CEO and Founder, Praveen Kumar said, “I have previously stated our primary focus would be to do things right the first time as we build out our infrastructure for the future. We have continued to follow this path, even though it has been more difficult, and we will continue to improve our systems and our network in order to provide the best possible service for our Belfrics users.” Mr. Kumar continued, “We are one of the few global exchanges focused on regulations and doing informed business with the regulatory authorities wherever we operate. With our decentralized KYC capability, I can arguably say that we are probably the only exchange at present that can comply with interoperability of compliance information between the exchanges, which will be a primary requirement of the regulators when regulations are tightened up.”
Life Clips CEO, Robert Grinberg, commented, “Cryptocurrency enthusiasts have remained resilient, and we are starting to see the effect of returning buying volume on the market as Bitcoin has finally broken through the consolidation channel that has been forming since June 19. As one who has been around financial markets for decades, I believe downturns like we have seen in the cryptocurrency market are necessary for any financial market to mature and evolve. As we return to an appreciating market, it will be more sustained and healthier, with less speculation. As other cryptocurrency exchanges have slowed down their plans for growth, Belfrics has continued to lay the foundation for future prosperity. We expect to update our shareholders on these developments in the coming weeks.”
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