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The cannabis industry is one of the industries through which cryptocurrency adoption is being pushed. As more countries legalize marijuana, the crypto industry is making moves to enable the purchasing of legal marijuana using cryptocurrency and this enables both these industries to push each other’s growth.
Greek billionaire, Alkiviades David, has led a Swiss based consortium to launch the Swissx Bank of Cannabis. This new venture will provide facilities to enable seamless cannabis transactions across the emerging global market. Through the consortium, the Swissx Global Hemp Exchange has also been launched. The exchange will serve as a secondary market through which people can trade futures and other assets which are related to the cannabis industry. Data analytics and pricing information for markets relevant to the cannabis industry will also be available on the exchange and these will assist individuals who want to buy cryptocurrencies.
Swissx has created its own digital asset which can be traded by the company’s clients. The SWX Coin is a Bitcoin blockchain based cryptocurrency and the company claims that the coin is pegged against the average global price of premium hemp flower. Investors and traders will be keeping an eye out to see how the coin performs on online crypto trading platforms.
The company also says that the SWX Coin is backed by hemp strain seeds named Cherry Wine and Donald Trump which are worth $750 million and $250 million respectively. The backing is in Swiss Francs which are pegged to the current global price of hemp.
Crypto payments for farmers
Swissx has established the Swissx Hemp Farmers’ Cooperative which is designed to provide proprietary hemp strains. The cooperative also provides training for agricultural workers who will then produce seeds for the company. The SWX Coin will be used to pay members of the cooperative and the coin will be redeemable in fiat currency at the Swissx Bank of Cannabis in Gstaad. Gstaad is home to the headquarters of the Swiss Bank of Cannabis and the company has stated its intention to launch a Caribbean office.
As the project rollout begins, the Swissx Bank of Cannabis will be handling and managing all the transactions that are conducted by Swissx. The Swiss based consortium has also made it known that they have trading partners in the United States, Europe and the Caribbean.
Alkiviades David is listed as the Chief Executive Officer and founder of Swissx. David said that they have used Swiss financial know how to create the first bank and cryptocurrency which is solely aimed at service the legal cannabis industry.
A number of prominent individuals have been named as part of the Swissx Bank of Cannabis board. Former Prime Minister Of St. Kitts-Nevis, Denzil Douglas, is a member of the bank’s board according to a recent announcement. Douglas is set to provide the consortium with consultancy services regarding the bank’s development and operations in the Carribean.
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