Greek
billionaire and television director Alki David and his Swiss consortium
launched cannabis-backed token SWX Coin, according to a press release published on July 25.
A cannabis-backed token on the BTC chain
Per
the release, the consortium also launched the Swissx Bank of Cannabis
to operate the token. The exchange will be based in Gstaad, Switzerland,
and with a Caribbean headquarters to be named soon. The token is
reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower.
A bank for cannabis deals
Initially,
the bank and its coin will supposedly manage all of Swissx’s financial
transactions with its partners in the U.S., Europe and the Caribbean,
but the coin is designed to be a transparent venue for all transactions.
Swissx also claims that Prime Minister of St. Kitts-Nevis Denzil
Douglas has joined the bank’s board.
A Trump-backed initiative
The
company was founded with the backing of $750 million worth of premium
Swissx Cherry Wine and Donald Trump seeds and $250 million. SWX will
reportedly be used to pay farmers and will be redeemable for cash at any
time.
As a Cointelegraph explained
in a dedicated analysis in September last year, cryptocurrencies and
blockchain are seeing growing use in the legal cannabis industry.
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