Belfrics introduces a blockchain-based wallet and remittance solution with the launch of its Mexican operations

By Edlyn Cardoza

Life Clips, Inc. announced that Belfrics Mexico, an entity operated by Belfrics Group, has launched Mexican operations to serve Mexico’s growing blockchain, cryptocurrency and digital asset markets. Belfrics Mexico will introduce its blockchain-based wallet and remittance solution to capitalize on the trend towards increasing remittances in Latin America.

Life Clip CEO Robert Grinberg said: “Mexico is an important destination for our growth plan. There are not enough blockchain nodes in Mexico and Latin America, which leads to transaction overcrowding.” Grinberg continued, “Belfric’s commitment to regulatory approval in Mexico is the latest example of their commitment to compliance and our constructive approach to regulatory engagement. We look forward to expanding our suite of available offerings and services, and continuing to work with stakeholders across sectors to advance blockchain technology, cryptocurrency and digital assets.”

Originally formed in 2019, development plans for Belfric’s Mexico were sidelined due to the COVID pandemic. With business returning to normal, Mexico is emerging as a hotbed of blockchain and cryptocurrency innovation. The Mexican market stands out as one of the significant crypto opportunities in Latin America due to its remittance business. In accordance Statisticsa global provider of market and consumer data, Mexico’s largest FinTech market segment will be Digital Payments, with a total transaction value of USD 71 billion in 2022. The Neobanking segment is expected to show revenue growth of 46.3% in 2023.

Belfric 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 citizens 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 frontline workers in states such as California, Texas and New York earns more income, while also receiving US government-backed stimulus checks. Most importantly, remittance-specific crypto products that mainly use Stablecoins have recently been introduced to the Latin American market. Stablecoins are ideal for remittances, as they are tied to a fiat currency. This eliminates a large part of the price volatility while allowing consumers to benefit from the speed and lower fees of crypto.”

“While Belfric’s Mexico licenses for wallet and exchange services are in process, the initial focus will be on establishing our healthcare and educational app products to the Mexican ecosystem,” Kumar added. “It is estimated that blockchain healthcare is expected to register a CAGR of 44.5% over a period of 2019-2025, increasing from USD 9.3 million in 2019 to USD 122.3 million by 2025. We believe that blockchain- our offer will be an ideal offer. solution for the Mexican market.”

Belfric’s Mexico operations will be run by Manuel Esquivel and Carlos Arce, two senior professionals with a wealth of experience in the Mexican market. Esquivel holds a law degree from NAU Mexico, and he has more than ten years of experience in foreign exchange and derivatives markets in Latin America. Arce also holds a law degree from NAU Mexico, board positions in leading conglomerates in Mexico, and has been an integral part of the development of the financial system for Banco Agropecuario, Banrural and Banobras Bank.