Belfrics To Make Crypto Derivatives and Forex Available on Their Platform - GlobeNewswire
Belfrics To Go Live September 2021 with Leveraged Forex Instruments and Crypto Derivative Contracts; Looks to Achieve Over $2 Billion in Monthly Volumes Before End of 2021
August 19, 2021 07:30 ET | Source: Life Clips Inc.
AVENTURA, Fla., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (“Life Clips”) and Belfrics Group (“Belfrics”) announced today that Belfrics International Limited (Labuan) Malaysia, which holds a money broker license from Labuan Financial Services Authority, will be offering leveraged FOREX instruments and crypto derivative contracts starting in September 2021. With Both the CEOs of Belfrics and Life Clips having in-depth experience in trading markets, traders can expect innovative products and optimal trading conditions through Belfrics trading platforms.
Robert Grinberg, CEO and President of Life Clips, Inc. said, “Belfrics International's plan to introduce leveraged FOREX instruments and crypto derivative contracts to its clients comes on the heels of the news that the Securities Commission (SC) Malaysia has served a public reprimand against Binance, calling for it and all of its entities to cease operations in the country.”
Belfrics CEO and Founder, Praveen Kumar said, “As lucrative as the Forex Market is, the Crypto Derivative market is ripe with opportunity, with few players in the space as of yet. This will allow us to take significant market share in the space. Having the ability to provide this on our platform puts us light-speed ahead of many other competitors.”
The Foreign Exchange (“FX”) industry commands a daily traded volume of more than $6 trillion and is the largest traded asset class. Crypto derivative volume in June was $3.2 trillion as against the spot market volume of $2.7 trillion, according to a monthly report by CryptoCompare.
In order to ensure a seamless trading environment, Belfrics has partnered with Hybrid Solutions, a leading derivative trading platform provider, to use their Vertexfx platform for trading leveraged products. Vertexfx platform has been serving forex brokers since 2002 and has advanced plugins that cater to all types of traders. The collaboration with Hybrid solutions is a strategic move to onboard industry leaders to ensure a high quality trading experience as trading volumes increase. With desktop, web, iOS and Android platforms available, traders will be able to deploy advanced money management tools, copy trading, and auto trading strategies using the VertexFX platform plugins.
Mr. Kumar concludes, “In my previous experience managing other institutions, I was in charge of launching commodity contracts and providing liquidity solutions for retail and institutional Forex, as well as commodity brokers in many regions. A large number of brokers are waiting for us to start the liquidity solution for forex and crypto assets. These are pockets of high-volume institutional flows, in which we intend to establish our dominance in the near future.”
About Life Clips, Inc.
Life Clips is the parent company of Cognitive Apps Software Solutions Inc. On July 15, 2021, Life Clips signed a Definitive Agreement to acquire Belfrics Global, a blockchain provider and cryptocurrency exchange and platform. Cognitive Apps is disrupting the space of mental health using advanced speech-based AI technology to predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Cognitive Apps’ AI-Powered mental health analytics platform empowers businesses to measure, understand, and improve mental well-being of their employees, patients, and customers. Life Clips also distributes Mobeego single-use and cordless batteries.
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