Belfrics Unveils Blockchain Wallet and Remittance Platform Following Start of Mexican Operations
Life Clips, Inc. stated that Belfrics Mexico, a subsidiary of Belfrics Group, has begun activities in Mexico to support the country’s expanding blockchain, crypto, and digital asset markets. To capitalize on the rising trend of payments in Latin America, Belfrics Mexico will deploy its blockchain-powered wallet and payment solution.
Robert Grinberg, the chief executive officer of Life Clips, stated, “Mexico is a crucial target for our expansion strategy.” Insufficient blockchain nodes in Mexico and Latin America result in a congestion of transactions.” Grinberg stated, “Belfrics’ dedication to legislative clearance in Mexico is the most recent illustration of its dedication to conformity and our collaborative effort to engaging with regulators. We anticipate extending our portfolio of available products and services and continue to collaborate with stakeholders spanning industries to advance blockchain technology, cryptocurrencies, and cryptos.”
Owing to the COVID epidemic, development initiatives for Belfrics Mexico, which was founded in 2019, were shelved. With economic conditions returning to normal, Mexico is becoming a leader in blockchain and crypto developments. Due to its remittance sector, the Mexican market sticks out as being one of the most important crypto prospects in Latin America. As per Statista, a worldwide supplier of market and consumer information, Digital Payments will be Mexico’s biggest FinTech market sector in 2022, with an overall transaction amount of $71 billion. In 2023, the Neobanking sector is anticipated to see revenue increase of 46.3%.
Praveen Kumar, the CEO and founder of Belfrics, stated, “The Mexican market will be the initial location in which Belfrics deploys its blockchain-powered wallet and payment service. In 2021, Mexico ranked as the world’s third-largest receiver of remittances due to a growth in the quantum of money given by Mexicans residing overseas. As reported by the Mexican central bank, overall payments hit $51.6 billion in 2021, a 27 percent rise from the previous year. According to findings from the Center for Latin American Monetary Studies, this rise is directly attributable to the fact that Mexican first-line employees in places such as California, Texas, and New York are making more money and getting stimulus payments from the US government. Significantly, payment-specific cryptocurrency solutions primarily utilizing Stablecoins were offered to the Latin American market very lately. As stablecoins are tied to a fiat currency, they are suitable for payments. This removes a significant chunk of price fluctuation while enabling users to gain from crypto’s quickness and cheaper costs.”
“While Belfrics Mexico’s permits for wallet and exchange activities are in the midst of being processed, the first emphasis will be on developing our healthcare and educational app solutions in the Mexican market,” Kumar said. “It is anticipated that healthcare blockchain spending would increase at a CAGR of 44.5% between 2019 and 2025, from $9.3 million in 2019 to $122.3 million by 2025. We think that our blockchain system will be the optimal answer for the Mexican market.”
Manuel Esquivel and Carlos Arce, two senior experts with a lot of expertise in the Mexican industry, will lead Belfrics Mexico’s operations. Esquivel hasover a decade of expertise in the FX and derivatives markets in Latin America and a law degree from NAU Mexico. Arce also possesses a law degree from National Autonomous University of Mexico, holds directorships in important Mexican enterprises, and was instrumental in the development of the Financial System for Banco Agropecuario, Banrural, and Banobras Bank.