Greek billionaire and television director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin.
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The consortium also launched the Swissx Bank of Cannabis to operate the token.
The exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be named soon.
The token is reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower.
Initially, the bank and its coin will supposedly manage all of Swissx’s financial transactions with its partners in the U.S., Europe and the Caribbean, but the coin is designed to be a transparent venue for all transactions.
Swissx also claims that Prime Minister of St. Kitts-Nevis Denzil Douglas has joined the bank’s board.
SWX will reportedly be used to pay farmers and will be redeemable for cash at any time.