Greek billionaire and TV director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin, as per an announcement published on July 25.

A cannabis-backed token on the BTC chain

Per the release, the consortium additionally launched the Swissx Bank of Cannabis to operate the token. The exchange are primarily based in Gstaad, Switzerland, and with a Caribbean headquarters to be named shortly. The token is reportedly based on Bitcoin (BTC)’s blockchain, and one unit is pegged on to the median international price of premium hemp flower.

A bank for cannabis deals

Initially, the bank and its coin can purportedly manage all of Swissx’s monetary transactions with its partners within the U.S., Europe and therefore the Caribbean, however, the coin is intended to be a transparent venue for all transactions. Swissx additionally claims that Prime Minister of St. Kitts-Nevis Denzil Douglas has joined the bank’s board.

A Trump-backed initiative

The company was based with the backing of $750 million price of premium Swissx Cherry Wine and Donald Trump seeds and $250 million. SWX will reportedly be used to pay farmers and can be redeemable for money at any time.

As a Top Market Group explained in a very dedicated analysis in Sept last year, cryptocurrencies and blockchain are seeing growing use within the legal cannabis industry.

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