A Swiss-based consortium led by Alkiviades David a Greek billionaire, Swissx, launched the Swissx Bank of Cannabis, which seeks to facilitate legal cannabis transactions across the emerging global market.
The consortium also 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. Analytics and pricing information regarding markets relevant to the cannabis sector will also be provided by the exchange.
‘Cherry Wine’ and ‘Donald Trump’ Seeds Backs SWC Coin Project
Swissx has also created ‘SWX Coin’ which is a cryptocurrency based on Bitcoin’s blockchain that is purportedly pegged directly to “the median global price of premium hemp flower.”
The SWC Coin is also reportedly 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. This is an entity established to provide proprietary hemp strains, training to the agricultural workers producing the company’s seeds. Farmers are paid in SWC, which is redeemable for fiat currency anytime.
The Bank has it’s headquarters in the Swiss municipality of Gstaad.