Main Highlights
- In India, the digital asset trading firm would spend $10 million in its crypto exchange business and $5 million on its blockchain platform Belrium.
- The move comes three years after it suspended its crypto activities in India after the Reserve Bank of India prohibiting banks from sponsoring crypto platforms and transactions.
- Belfrics Group ceased cryptocurrency activities in 2018 when the Reserve Bank of India (RBI) directed banks to remove themselves from cryptocurrency trading platforms.
- Its headquarters are in Kuala Lumpur, Malaysia, and it has offices in Malaysia, Singapore, Bahrain, Kenya, Nigeria, Tanzania, and India.
Belfrics, a global blockchain, and crypto exchange corporation said today that it will spend $15 million in extending its commercial operations in India. It intends to spend $10 million in the Beflrics cryptocurrency exchange and the remaining funds in its blockchain platform.
According to a statement, the firm is considering resuming operations of its cryptocurrency exchange as well as its main blockchain platform ‘Belrium.’ It halted its crypto activities in India in 2018 after the Reserve Bank of India prohibited banks from sponsoring crypto platforms and transactions.
Belfrics’ aim and vision
The exponential ascent of bitcoin struck a chord with a group of entrepreneurial entrepreneurs who saw it as the tip of an iceberg brimming with possibility and value for the rest of the world. This prompted them to collaborate on what would become Belfrics – a Digital Asset market aiming at changing the way people trade and exchange digital assets. Belfrics is a licensed and recognized digital asset exchange that operates in seven countries.
Belfrics is a group of financial trading specialists with extensive expertise in a variety of markets and commodities, as well as a vision for the future of digital assets. Their goal is to make digital asset trading accessible to as many individuals as possible and to assist them in reaping the benefits of this by creating an ever-improving exchange platform.
The company’s footprint in Asia, Africa, the Middle East, and the Asia-Pacific area is expanding. The complete blockchain technology solutions provided by Belfrics assist organizations in implementing transparency and decentralization in their operations.
“India is among the world leaders in terms of crypto and blockchain adoption,” stated Praveen Kumar, Founder, and CEO of Belfrics Group. We have chosen to spend $10 million in our crypto exchange and $5 million in our blockchain sector based on the market potential.”
How will Belfrics use the funds?
He also stated that this investment will let them introduce five additional internationally popular goods, including staking incentives, derivative products, lending and borrowing, custody solutions, and crypto payments (card and loyalty programs). Belfrics’ blockchain technology, in addition to its crypto exchange, allows real-time KYC and identity verification across nodes all over the world.
The company also stated that it has inked an MoU with the government of Andhra Pradesh, which will assist the state government in running its day-to-day operations in a more methodical manner. Belfrics has just introduced ‘BelYo,’ which it claims is India’s first blockchain platform for tracking COVID-19 cases, vaccination data, and so on.
Belfrics’ headquarters are in Kuala Lumpur, while the company’s development center is in Bengaluru. Its investment in India comes at a time when the local crypto and blockchain industry is awaiting regulatory clarification from the government. According to reports, the government intends to define crypto and categorize virtual currencies based on their use cases.
Previously, it was believed that an inter-ministerial group on cryptocurrency, chaired by the Secretary (Economic Affairs), had proposed that all private cryptocurrencies, save virtual currencies issued by the government, be outlawed in India. As a result, it remains to be seen if cryptocurrency will be legalized.
