Cryptocurrency

Setcoin New Partnerships, New Website, Explainer Video and full Currencies Cross-rates update

Inserviss is a global platform that functions as a global service marketplace that brings providers and customers of various services together for business and transaction purposes. With Inserviss, private service providers are able to create profiles for themselves and essentially market their businesses. They have the opportunity to set prices, schedule working times, and achieve valuable online exposure; a feature that is most required for services and companies operating in today’s business climate.

What is Setcoin?

Setcoin is a verified global cryptocurrency that makes use of the blockchain technology, just as it is with every other major cryptocurrency. Issued by the Inserviss platform, Setcoin was developed with the goal of serving as a cash alternative and helping people achieve better payment initialization for the many services on the platform.

The Setcoin cryptocurrency makes it easy to book services, and the Red Belly Blockchain makes it possible to make fast and legitimate payments from anywhere in the world.

Operation of the Setcoin Blockchain

Setcoin is able to achieve operational versatility by making use of both decentralization; a major concept that comes with the conventional blockchain technology that drives cryptocurrencies around the world, and the Red Belly Blockchain Consensus (RBC). RBCC acts as the core of the Setcoin operation, and it is responsible for making Setcoin much faster than other cryptocurrencies. Currently, Setcoin clocks speeds 11.5 times faster than VISA, and 94, 000 times faster than Bitcoin. The world’s leading and most valuable cryptocurrency by market capitalization.  

With the Red Belly Blockchain Consensus, Setcoin is able to process well over 650 00 transactions every second. This makes it much faster and effective than Bitcoin, which- in itself- has a processing cap of about 7 operations per second, and the VISA network, which can process no more than 56,000 transactions in the same time frame.  

The Setcoin ICO

The Setcoin network is also touted as one of the most accommodative and versatile networks and currencies in the world as far as payment is concerned. Acceptable payment methods include traditional and recognized currencies like the Dollar and the Euro as well as leading cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The Initial Coin Offering of Setcoin was launched on the 1st of February, 2018, and there was a total supply of 300 million Setcoins. 50 million Setcoins were also available for pre-ICCO sales, and a total of 1 billion Setcoins were issued as well.  

Currently, the valuations and conversion rates are as follows:

1 BTC = 100,000 SET

1 ETH = 4,000 SET

1 LTC = 1,250 SET

1 USD = 5 SET

1 EUR = 10

Additional bonuses were also made available for people buying Setcoins worth $100,000 or more, and all Setcoins are now available for purchase on Waves DEX.

Benefits of the Setcoin Cryptocurrency

  • No commissions: The Setcoin cryptocurrency offers no additional commission costs, and what you pay for is what you get. Extra costs are eradicated, and it makes it cheaper for customers to pay for services.
  • Security: Security is also guaranteed on the Setcoin network. Your financial information is safe from third-parties and malicious persons.
  • Faster transactions: By making use of the Red Belly Blockchain Consensus, transactions are done faster and more effectively on the Setcoin network.
  • Proper information control: Setcoin also provides more control of information for service providers and customers; something that makes operation and business transactions easy and quick.

Partnerships and Future Developments

In order to keep up with the competition thrown from various other cryptocurrencies like Bitcoin, Ripple, Ethereum and Litecoin, the Setcoin team have been able to make a few moves.

For instance, there is a new website being built that is set to have all document whitepapers in localized languages (including German and Chinese). Updated profiles of the Setcoin team will also be put up. The team will also upload an explainer video with the new website.

The Setcoin team is currently working on the post-incorporation stage with Intreviss in the United States, and some partners that are speculated to join in on this include auditing giant, PwC. and MME. Also working of introducing Setcoin is Switzerland according to the recently published requirements of FINMA.

Discussions in legal turnkey are being held in the Legal/Regulatory and Tax areas. It is hoped that PwC will be able to support Setcoin in handling tax and legal matters in order to implement the full structure. Support is also to come in the following areas:

  • The voluntary VAT registration
  • drafting and reviewing the wording for the VAT clauses in the service agreements
  • Preparing and filing the (electronically) quarterly VAT return
  • Preparing and filing the annual VAT reconciliation (if needed)
  • Drafting a template of the employment contracts
  • Drafting further employment related regulations (including but not limited to staff regulation, expense regulations, working time regulations etc.)
  • Immigration support and obtaining work permits for foreign workers and expatriates, etc.

The full scope of applicable services will be fully and comprehensively defined as soon as phase 3 has been completed, as this is when the format of implementing the structure will be clear and when they will be able to receive all tax and regulatory clearances.

Corporate Finance

PwC will be able to lend their effective services to Setcoin in the following matters:

  • M&A advisory services buy-side and sell-side
  • Investment advisory services for raised funds post-ICO, including lead advisory services (M&A), financial due diligence, valuation services, and feasible business planning

Commercial Support

As regards commercial support, PwC will also be able to help in areas such as:

  • Business planning and strategy formation
  • Effective structuring and governance
  • Project management
  • Agency support services

More information about PWC

Over the years, the Setcoin team has been able to gain extensive and continuous experience through working with a Swiss legal and regulatory perspective in areas such as reviewing financial business activities. They are involved in providing assistance to a wide array of Swiss and foreign financial service institutions in working through the legal and regulatory aspects of the Swiss financial market. With that experience, they have been able to get a perfect understanding of the legally important aspects of the blockchain technology, and this will enable them to apply he general Swiss financial legal, and regulatory framework to your business. 

For more information, visit http://www.setcoins.io/

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