Belfrics launches operation in Mexico: Wallet and remittance solution live by 2024

Rick Steves

“While Belfrics Mexico’s licenses for wallet and exchange services are under process, the initial focus will be directed towards establishing our healthcare and educational dapp products to the Mexican ecosystem.”

Life Clips, Inc., the parent company of Belfrics Group, has announced the launch of an operation in Mexico, to be led by Manuel Esquivel and Carlos Arce, two senior professionals with a wealth of experience in the Mexican market.

Manuel Esquivel has more than a decade of experience in FX and derivatives markets in Latin America. Carlos Arce holds directorships in leading conglomerates in Mexico, and has been an integral part of developing the Financial System for Banco Agropecuario, Banrural and Banobras Bank.

Belfrics Mexico will take its time to develop its blockchain solution and digital assets services leveraging the know how and network of its leadership and the KYC capabilities of Belrium blockchain solutions.

Originally formed in 2019, development plans for Belfrics Mexico were sidelined due to the covid pandemic. The operation is expected to be in business by 2024.

Belfrics Mexico will serve the country’s growing blockchain, cryptocurrency, and digital asset market by introducing a blockchain-based wallet and remittance solution.

Mexico to deploy wallet and remittance solution

Belfrics CEO and Founder, Praveen Kumar, said: “The Mexican market will be the first region for Belfrics to deploy the blockchain-based wallet and remittance solution. In 2021, Mexico was the third-largest recipient of remittances worldwide, as the amount of money sent to the country from nationals living abroad increased. According to the Mexican central bank, total remittances reached $51.6 billion in 2021, which was a 27% increase from 2020. Research from The Center for Latin American Monetary Studies says this increase is a direct result of Mexican first-line workers in states like California, Texas and New York earning more income, while also receiving U.S. government-backed stimulus checks. Most importantly, remittance-specific crypto products mainly using Stablecoins have recently been introduced in the Latin American market. Stablecoins are ideal for remittances, since they are pegged to a fiat currency. This eliminates a large portion of price volatility while allowing consumers to benefit from the speed and lower fees of crypto.”

“While Belfrics Mexico’s licenses for wallet and exchange services are under process, the initial focus will be directed towards establishing our healthcare and educational dapp products to the Mexican ecosystem,” added Mr. Kumar. “It is estimated that the healthcare spend on blockchain is expected to record a CAGR of 44.5% over a period of 2019-2025, increasing from US$9.3 million in 2019 to US$122.3 million by 2025. We believe our blockchain offering will be an ideal solution for the Mexican market.”

Robert Grinberg, CEO of Life Clips, said: “Mexico is a vital destination for our growth plan. There are not enough blockchain nodes in Mexico and Latin America, which leads to overcrowding of transactions.” Mr. Grinberg continued, “Belfrics’ commitment to regulatory approval in Mexico is the latest example of its commitment to compliance and our constructive approach to regulator engagement. We look forward to expanding our suite of available offerings and services, and continuing to work with stakeholders across sectors on advancing blockchain technology, cryptocurrency, and digital assets.”

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