On July 25, a Swiss-based consortium led by Greek billionaire Alkiviades David, Swissx, launched the Swissx Bank of Cannabis, with the bank seeking to facilitate legal cannabis transactions across the emerging global market.
Additionally, the consortium announced the launch of the Swissx Global Hemp Exchange, which will be a secondary market for the trading of futures and other assets pertaining to the cannabis industry. The exchange will also provide analytics and pricing information regarding markets relevant to the cannabis sector.
Swissx Launches Cannabis Bank, Exchange, and Token
The company has also created ‘SWX Coin’ - a cryptocurrency based on Bitcoin’s blockchain that is purportedly pegged directly to “the median global price of premium hemp flower.”
It also claims the SWC Coin is backed by “a bank of proprietary hemp strain seeds (‘Cherry Wine’ and ‘Donald Trump’) worth $750 million and $250 million in Swiss Francs pegged to the global price of hemp.”
SWX Coin will be used to pay members of the Swissx Hemp Farmers’ Cooperative, an entity established provide proprietary hemp strains, and training to the agricultural workers producing the company’s seeds. Farmers are paid in SWC, which is redeemable for fiat currency “anytime, without restriction Swissx Bank of Cannabis’ bank vault in Gstaad.