Life Clips, Inc. subsidiary Belfrics Global has announced plans to expand its crypto business with new offices in Bangalore, India.
Belfrics banks on tech capability
Belfrics Group, one of the leaders in technology advancements, has been recognized by Gartner, Inc. — a $4.1 billion highly structured technology research and consulting company.
The Chief Executive Officer and Founder of Belfrics Group, Praveen Kumar says India’s adoption of advanced technology will help contribute 30% to its monthly revenue.
“We see many enterprises in India taking the lead in technology advancements and staying ahead of the global market curve, which provides more business opportunities for us to invest in this market,” he said.
Its platform offers cryptocurrencies such as bitcoin, ethereum, ripple among others.
The Malaysian-based blockchain provider and crypto exchange has cemented its presence across different regions including Africa, UAE, and South Asia. It has offices in 10 countries such as; Kenya, Tanzania, and Malaysia — where it’s licensed and regulated by the Labuan Financial Services Authority ( LFSA).
India’s crypto potential
Countries in emerging markets such as Latin America and Africa are warming up to the growing crypto market compared to countries in Western Europe and Eastern Asia. Over the past year, India’s crypto market skyrocketed, making it the fastest growing crypto market in Central and Eastern Asia.
Research by Chainalysis says most individuals in these countries use peer-to-peer or P2P crypto exchanges as they don’t involve any central authority. In a report, Vietnam, Pakistan, and India have for two years in a row ranked top in the Global Crypto Adoption Index.
Cryptocurrency adoption in India is growing amid a pending bill. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Belfrics seeks to grow its cryptocurrency exchange and platform and expects good business from India. Its platform offers cryptocurrencies such as bitcoin, ethereum, ripple among others.
Legislators had anticipated discussing the bill—”to prohibit all private cryptocurrencies in India” during the Winter Session of Parliament, 2021. Unfortunately, the session ended without the bill making it to the table. India crypto investors have to wait and see whether it will be re-introduced in the upcoming Budget Session of Parliament in February.
Despite the uncertainty, there’s still a huge appetite to invest in cryptocurrencies. Ironically, India’s top cryptocurrency apps continue to record a sharp spike in installed and active users.
According to a publication, “The active users for all six crypto apps increased in November 2021 compared to the previous month with Bitbns leading with 41.33% rise followed by WazirX at 23.53%.”
