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.
The Swissx Bank for Cannabis is headquartered in the Swiss municipality of Gstaad, with the company also intending to launch a Caribbean office at a yet-to-be-revealed location.
Former Prime Minister of St. Kitts-Nevis Joins Bank of Cannabis Board
Initially, the Swissx Bank of Cannabis will be tasked with managing all financial transactions conducted by Swissx. The announcement states that the consortium has trading partners based in the United States, Europe, and the Carribean.
Alkiviades David, the chief executive officer and founder of Swissx, stated: “we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry.”
The former prime minister of St. Kitts-Nevis, Denzil Douglas, was also announced as having joined the Swissx Bank of Cannabis board, with Mr. Douglas providing consultancy services to consortium regarding its development and operations in the Caribbean.