Alki David, a Greek billionaire and television director launches a cannabis-backed token SWX Coin with his Swiss consortium, as per a press release published on July 25.
The release states that consortium launched the Swissx Bank of Cannabis so as to operate the token. Based out of Gstaad, Switzerland, the exchange will have a Caribbean headquarters to be named soon. Reportedly, the token is based on Bitcoin (BTC)’s blockchain and a single unit is pegged directly to the median global price of premium hemp flower.
Purportedly, the bank and its coin will manage all of Swissx’s financial transactions with its partners in the U.S., Europe and the Caribbean, though the coin is designed to be a transparent venue for all transactions. The firm further claims that Prime Minister of St. Kitts-Nevis Denzil Douglas has joined the bank’s board.
Founded by a backing of $750 million worth of premium Swissx Cherry Wine and Donald Trump seeds and $250 million. SWX will reportedly be used to pay farmers and will be redeemable for cash at any time.
Read more:CoinLaunch Reaches $50,000 Settlement With Ontario Securities Commission
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