Greek billionaire Alkiviades David, along with his Swiss-based consortium, has announced on July 25, the launch of a cannabis bank and cryptocurrency. Their aim is to help promote legal cannabis sales across the globe.
The scion of the Leventis-David group owns the Coca-Cola Hellenic bottling plants operating across 28 countries. David, CEO of SwissX is estimated to be worth about $2.8 billion and also owns his own company, Hologram USA.
The crypto exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be named soon
Each unit of the cryptocurrency, SWX Coin, is pegged to the average global price of premium hemp flower. The token and its encryption are reportedly based on Bitcoin (BTC)’s blockchain.
David’s company Swissx sells cannabis products that do not contain THC – the psychoactive part of the plant that gets users “high”- but contains CBD, which has numerous health benefits like treating conditions such as pain, insomnia, and anxiety.
“We’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimised for the legal cannabis industry…Together, the bank and currency and exchange don’t just insure Swissx’s international operations run perfectly, it will become the engine for the fastest growing business sector in the world.”
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 the farmers and will be redeemable for cash at any time.
As observed from the global trend, cryptocurrencies and blockchain are now being increasingly used in the legal cannabis industry.