More and more companies are realizing that the growth of the cryptocurrency sector is probably going to continue in the long term and hence, many are now deciding to get into the sector in a big way.
The latest company to enter the sector is Life Clips Inc (OTCMKTS:LCLP). On Wednesday, the company announced that it reached an agreement regarding the acquisition of the multinational blockchain technology company Belfrics Group. The announcement came as a source of considerable excitement for investors and the Life Clips stock soared by as much as 1800% yesterday following the announcement. Belfrics deploys its proprietary platform for running cryptocurrency exchanges in different parts of the world. At this point in time, the company’s operations are spread across Tanzania, Bahrain, Singapore, Malaysia, Nigeria, and India.
It is clear to see that the completion of this particular acquisition is expected to make Life Clips a major player in the cryptocurrency space in the blink of an eye. More important, Belfrics Group has also demonstrated the capability of processing a large number of transactions on its platform. At this point, the platform can help in processing as many as 1 million crypto transactions per second. Such a scale of operations suggests that Life Clips will be able to operate a considerably large crypto operation when the acquisition eventually goes through. It is now going to be interesting to see if investors decide to take some of their profits today or if the Life Clips stock continues to soar.