Alikiviades David, a Greek billionaire heir and his Swiss-based consortium have launched the Swissx Bank of Cannabis and SWX Coin. The Swissx Global Hemp Exchange will provide the entire marijuana industry with a secondary market for futures and other trades based on its market analytics while SWX Coin will function as the native altcoin of the platform, according to a press release on July 25, 2019.
Swissx to Revolutionize the Hemp Industry
In a bid to provide the entire hemp industry with a secondary market for futures trading and other financial activities, Alki David has launched The Swiss Bank of Cannabis in collaboration with his Swiss-based Consortium.
As stated in its press release, the Gstaad-based Swissx Bank of Cannabis will be in charge of the SWX Coin, a cryptoasset built upon the Bitcoin blockchain. The team says the SWX Coin has a single unit pricing system pegged directly to the median global price of hemp flower.
Reportedly, the Swissx Bank of Cannabis alongside partners in the U.S., Europe, and the Caribbean will initially be responsible for managing all Swissx’s financial transactions.
The team hopes the bank will also function as a turn-key platform for the global Cannabis ecosystem, providing the sector with a secure venue and a coin for all transactions.
Swissx Bank Worth $1 Billion
Per the team, the Cannabidiol (CBD) hemp business in the United States is expected to reach $24 billion by 2023.
In order to take advantage of this huge market, the Swissx bank of Cannabis says it has backed itself with $750 million worth premium Swissx Cherry Wine and Donald Trump seeds as well as $250 million in Swiss Francs.
Interestingly, the team says it has also established the Swissx Hemp Farmers Cooperative, an international cooperative whose primary objective is to “keep up with the demand for Swissx Hemp Flower products, while also providing proprietary hemp strains, training and a guarantee to purchase all crops grown by participating farmers.”
The bank says its hemp farmers are paid in SWX Coin from the “Farmer’s Wallet,” and they can redeem the coins for cash at any time from the bank’s vault in Swiss or its regional offices in the Caribbean.
Swissx claims its CBD hemp products have been endorsed by a vast array of notable personalities including Mike Tyson, Snoop Dogg and more.
Also, the team has revealed that the former Prime Minister of St.Kitts-Nevis, Denzil Douglas has joined the Swissx bank of Cannabis board.
Commenting on the exciting development, Alki David, CEO, and Founder of Swissx reiterated that his firm has succeeded in transforming the CBD industry and creating huge opportunities for hemp farmers and their regional economies.
“Now, we have used Swiss financial know-how to create the first bank and crypto entirely optimized for the legal cannabis industry,”