Alki David, a Greek billionaire, and television director, in conjunction with his Swiss consortium, has recently released SWX Coin — cannabis-backed token SWX Coin.
To operate the token, the July 25 press release noted that the consortium also went ahead to launch the Swissx Bank of Cannabis which will be based in Gstaad, Switzerland, but its headquarter will be in the Caribbean.
Bitcoin (BTC)’s blockchain supports this token, and a single unit is pegged exclusively to premium hemp flower median global price.
Even though the coin was designed to facilitate transparent carrying out of transactions, the bank and its coin will manage all financial transactions of Swissx as well as its partners situated in the Caribbean, U.S., and Europe.
Denzil Douglas, St. Kitts-Nevis’s Prime Minister, has also chosen to join the bank’s board according to Swissx.
A Trump backing
Supposedly, Swissx Cherry Wine worth $750 million and Donald Trump seeds valued $250 million was used to establish the company.
Farmers will be paid using SWX, which they can redeem any time for cash.
Since September last year, the use of cryptocurrencies and blockchain in the legal cannabis industry has been on the rise.