On July 25, a Swiss-based consortium led by Greek billionaire Alkiviades David, Swissx, launched the Swissx Financial institution of Hashish, with the financial institution looking for to facilitate authorized cannabis transactions throughout the rising world market.

Moreover, the consortium introduced the launch of the Swissx World Hemp Change, which shall be a secondary marketplace for the buying and selling of futures and different belongings pertaining to the cannabis trade. The alternate may also present analytics and pricing info relating to markets related to the cannabis sector.

Swissx Launches Hashish Financial institution, Change, and Token

The corporate has additionally created ‘SWX Coin’ – a cryptocurrency based mostly on Bitcoin’s blockchain that’s purportedly pegged on to “the median world value of premium hemp flower.” 

It additionally claims the SWC Coin is backed by “a financial institution of proprietary hemp pressure seeds (‘Cherry Wine’ and ‘Donald Trump’) value $750 million and $250 million in Swiss Francs pegged to the worldwide value of hemp.”

SWX Coin shall be used to pay members of the Swissx Hemp Farmers’ Cooperative, an entity established present proprietary hemp strains, and coaching to the agricultural staff producing the corporate’s seeds. Farmers are paid in SWC, which is redeemable for fiat foreign money “anytime, with out restriction Swissx Financial institution of Hashish’ financial institution vault in Gstaad.

The Swissx Financial institution for Hashish is headquartered within the Swiss municipality of Gstaad, with the corporate additionally aspiring to launch a Caribbean workplace at a yet-to-be-revealed location.

Former Prime Minister of St. Kitts-Nevis Joins Financial institution of Hashish Board

Initially, the Swissx Financial institution of Hashish shall be tasked with managing all monetary transactions carried out by Swissx. The announcement states that the consortium has buying and selling companions based mostly in america, Europe, and the Carribean.

Alkiviades David, the chief government officer and founding father of Swissx, acknowledged: “we’ve used Swiss monetary know-how to create the primary financial institution and cryptocurrency solely optimized for the authorized cannabis trade.”

The previous prime minister of St. Kitts-Nevis, Denzil Douglas, was additionally introduced as having joined the Swissx Financial institution of Hashish board, with Mr. Douglas offering consultancy companies to consortium relating to its growth and operations within the Caribbean.