Belfrics invest $15 million to resume crypto and blockchain business in India
- ByStartupStory | September 18, 2021
Belfrics, a Malaysian-based global blockchain and cryptocurrency exchange announced that it is expanding its business operations in India with a $ 10 million investment for Beflrics crypto exchange and the $5 million in its blockchain platform which makes a total investment of $15million.
The startup plans to resume operations of its cryptocurrency exchange with its flagship blockchain platform Belrium, it said in a statement. Belfrics, which started its operations in India in 2015 when the cryptocurrency segment was very new had to suspend its crypto operations in India, in 2018, after the RBI banned banks from taking over crypto platforms and transactions.
Belfrics’ blockchain solution also facilitates KYC and real-time identity verification on nodes around the world.
We will also add five other products in Indian Market which are globally very popular, such as staking reward, derivative products, lending and borrowing, custody solutions and crypto payments card and loyalty programmes,” Praveen Kumar, CEO & Founder, Belfrics Group, said.
The company stated that it has also signed an MoU with the government of Andhra Pradesh, which will, in turn, help the state government to run its daily affairs in a systematic manner. Belfrics also recently launched ‘BelYo’, which is claimed by them, to be India’s first blockchain platform for tracking COVID-19 cases, vaccination details, etc.
Belfrics was recently acquired by Life Clips, a global software solution company, which has operations in Malaysia, Singapore, India, Kenya, Tanzania, and other countries.
Presently. in Indian local crypto and blockchain market awaits regulatory clarity from the government. The government is reportedly planning to define crypto and label virtual currencies on the basis of their use.
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