Life Clips (OTCMKTS:LCLP) stock is running higher today following news that the company is entering the cryptocurrency space.
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Here’s everything investors need to know about the news that has LCLP stock soaring today.
- Life Clips has announced that it’s acquiring Belfrics Group to get into the crypto game.
- Belfrics is a blockchain company that runs crypto exchanges via its own platform.
- It currently offers its services in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain.
- The company also has the capability to handle more than 1 million transactions per second.
- It was founded in 2014.
- Beflrics founder and CEO Praveen Kumar will continue to serve as the company’s leader following the acquisition.
- The financial details of the deal aren’t disclosed in the company’s press release.
- Life Clips and Beflrics are expecting the deal to close in the second quarter of 2021.
Robert Grinberg, CEO of Life Clips, said the following in the news release sending LCLP stock higher today.
“The total volume of mergers and acquisitions in the cryptocurrency industry more than doubled from $481 million in 2019 to $1.1 billion in 2020. The average deal size increased from $19 million in 2019 to nearly $53 million. Major global cryptocurrency exchanges like Binance, FTX and Coinbase made the top three acquisitions in the crypto industry in 2020.”
LCLP stock is seeing incredibly high trading volume today following this news. That has some 756 million shares of the stock trading as of this writing. For comparison, the company’s daily average trading volume is around 92.5 million shares.
LCLP stock was up 15.9% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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