In August 2021 Life Clips acquired Malaysia-based Belfrics, and at the time, announced expansion plans to grow its cryptocurrency exchange and platform, along with its blockchain marketing pipeline. Belfrics has 10 operational offices in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, Bahrain and UAE, and is licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia. India’s crypto market grew 600% over the past year, making the country one of the fastest growing cryptocurrency markets in central and southern Asia. As a result of this growth, Belfrics expects to generate more than 30% of its monthly revenue from India. Belfrics office in Bangalore should be the company’s largest office among its teams in Labuan, Kuala Lumpur, Nairobi, Kinondoni, Dubai, Abuja, and Singapore.
Praveen Kumar, CEO and Founder of Belfrics Group, said, “The new Belfrics office is designed to create a unique environment and ensure best-in-class services for its employees. Equipped with cutting-edge and fully integrated technology, the facility is designed to accommodate future needs, and is suitable for video conferencing for both collaborative and remote work, particularly post-pandemic." Mr. Kumar continued, "Our new Bangalore office supports our customers and reiterates our commitment to the Indian market and the cryptocurrency and blockchain industries. 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."
“Our additional office in Bangalore demonstrates our commitment to supporting Belfrics' growth as it expands its presence in both India and South Asia. Earlier this year, we acquired Belfrics because we believed in their vision to build a world-class cryptocurrency platform and blockchain solution. The market has responded even better than expected and we are expecting some supercharged growth from Belfrics.” Mr. Grinberg continued, “Our investment further signifies our long-term commitment and confidence in the brilliant future of this region. We couldn’t be more pleased with how things have been and where they are going.”
https://www.globenewswire.com/news-release/2022/01/06/2362329/0/en/Life-Clips-Subsidiary-Belfrics-Announces-Plans-For-Expansion-Opens-Office-in-Bangalore-India.html