Life Clips Inc (OTCMKTS:LCLP) Announces Expansion: Stock Subdued
In recent times, Life Clips Inc (OTCMKTS:LCLP) has been on the radars of many investors who are interested in the cryptocurrency and blockchain spaces. On Tuesday, the company’s stock was trading in a range despite a key announcement from the company.
Market Stats
On Tuesday, LCLP stock fell 1.64% at $0.0245 with more than 29.94 million shares, compared to its average volume of 65.24 million shares. The stock has moved within a range of $0.0241 – 0.0281 after opening the trade at $0.0270. .
Subsidiary Belfrics Group Plans Major Expansion In India
The announcement was with regards to its fully owned subsidiary company Belfrics Group, which remains one of the earliest adopters of blockchain and cryptocurrencies in India. Yesterday, Life Clips announced that Belfrics Group was looking to boost its technology team considerably and establish as many as 200 crypto centers in the coming six months. It was also noted that the crypto centers are going to be independently owned.
Belfrics Group is planning these measures in order to be in a strong position to handle the growing demands of the rapidly growing cryptocurrency market in India. Belfrics is going to open 20 Belfrics Phygital Centers with the aim of selling its blockchain and exchange products in the Indian market.
The centers are going to be owned by well-regarded local business people and Belfrics hopes that this particular measure will help it in expanding its presence in India at the grassroots level.
Key Quote
Praven Kumar, Founder and CEO of Belfrics Group, said, “The culture in India is very social and family-oriented. The bulk of the financial decisions are made by the head of the family, who are between 40 and 65 years old, and they like to see things physically.” Mr. Kumar continued, “We explored several models and made the decision on local, independently owned centers, since it is less capital intensive and helps us with our hyper growth strategy of reaching 200 centers in one year. Working with the independently owned center model allows us to partner with local crypto entrepreneurs and have a strong brand presence, as well as sales network, for all our products.”
Traders Corner
LCLP stock is trading below the 20-Day and 50-Day Moving averages of $0.0269 and $0.0299 respectively. However, the stock is trading above 200-Day moving average of $0.01553. The stock is down 11% in the past month.
