Cannabis Based SWX Token Launched By Greek Billionaire
As per a press statement issued on July 25, Alki David, a Greek billionaire and TV director, and his Swiss consortium has introduced cannabis-backed token SWX Coin. The consortium also introduced the Swissx Bank of Cannabis to manage the token. The Gstaad, Switzerland-based exchange will also have a Caribbean headquarters.
Each unit of the Bitcoin (BTC) blockchain based token is pegged to hemp flower’s median global price. To begin with, the bank will administer all financial transactions related to Swissx’ with it associates in the Europe, Caribbean and Europe. However, the coin has been structured such that all transactions related to it will remain transparent irrespective of the venue.
Swissx has also revealed that Prime Minister of St. Kitts-Nevis Denzil Douglas is one of its bank board members. The company is backed by $750 million worth premium Swissx Cherry Wine and Donald Trump seeds and $250 million in cash. SWX token will be used as a mode of payment to farmers who can redeem it any point in time. Notably, Cannabis sector continues to see a strong increase in the use of cryptocurrencies and blockchain.