Belfrics Group, one of India’s early adopters of blockchain and cryptocurrency, recently announced an investment of over 15 million USD to expand its business operations in the Indian ecosystem. The start-up is looking at resuming the operations of its crypto currency exchange along with flagship blockchain platform ‘Belrium’. Belfrics recently got acquired by Life Clips, Inc. (OTC Pink: LCLP)– a listed software solutions company in the United States of America.
Speaking on Belrics’ India plans Praveen Kumar, Founder & CEO Belfrics group said, “India is among the global leaders in terms of crypto and blockchain adoption. Looking at the market potential, we have decided to invest USD 10 million in our crypto exchange and USD 5 million in our blockchain vertical. This investment would enable us to add five other products which are globally very popular. Such as staking rewards, derivative products, lending and borrowing, custody solutions and crypto payments (card and loyalty programmes).”
Apart from the crypto exchange, Belfrics is also aggressively expanding its base when it comes to its flagship blockchain offering ‘Belrium’. Belrium is a blockchain solution that enables real-time KYC & Identity verification across nodes around the world. Belfrics had signed an MoU with the government of Andhra Pradesh which helped the state government run its day-to-day affairs in a smooth and systematic manner. Belfrics also recently launched ‘BelYo’ – India’s first ever blockchain platform to track Covid-19 cases, vaccination details, etc.
Praveen further added, “Our blockchain vertical in India has experienced a growth of over 200% in the last 2 years here in India. The current market value of clinical labs is $176.7 Billion with a CAGR at 7.1% till 2027 and the vaccine market is valued at $41 billion expected to grow to $58.4 Billion by 2024 at a CAGR of 7%. We are investing more money in our blockchain vertical to target this massive business opportunity in India.”