By / August 20, 2019

Swissx Bank of Cannabis and crypto SWX Coin

In an attempt to provide the entire hemp industry with a secondary market for futures trading and other financial activities, Coca-Cola heir and Greek billionaire Alikiviades (“Alki”) David has launched a bank for the marijuana sector, the Swissx Bank of Cannabis.

Based in Gstaad, the Swissx Bank of Cannabis will manage SWX Coin, a cryptocurrency built on top of the Bitcoin blockchain. The management says that the SWX Coin has a unit pricing system directly linked to the world average price of the hemp flower.

Reportedly, the bank and its SWX Coin, have partners from the United States, Europe, and the Caribbean. Furthermore, they are responsible for the management of all of Swissx’s financial transactions.

Expects to reach $24 billion by 2023

The team hopes that the bank will also function as a turnkey platform for the global cannabis ecosystem. Providing the industry with a safe place and currency for all transactions.

The cannabidiol (CBD) industry in the United States expects to reach $24 billion by 2023. In order to take advantage of this huge market, Swissx is backed with $750 million in premium seeds. They are Swissx Cherry Wine and Donald Trump, as well as $250 million in Swiss Francs.

Swissx Bank of Cannabis product
The US CBD industry is expected to reach $24 billion by 2023. (Source)

Swissx Bank of Cannabis worth $1 billion

Interestingly, the management has also established the Swissx Hemp Farmers Cooperative, an international group whose main objective is “to keep up with the demand” for Swissx Hemp Flower products, while providing patented hemp strains, training and a purchase guarantee for all crops grown by participating farmers.

The bank pays farmers in SWX Coin from the “Farmer’s Wallet,”. They exchange coins for cash at any time from the bank’s vault in Switzerland or from its regional offices in the Caribbean.

Creating opportunities for hemp farmers

In addition, the former Prime Minister of St. Kitts and Nevis, Denzil Douglas, joined the Board of the Swissx Cannabis Bank.

Commenting on the exciting development, CEO and Founder Alki David reiterated that his company has succeeded in transforming the CBD industry and creating huge opportunities for hemp farmers and their regional economies: “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry. The Swissx Global Exchange will be an authoritative resource for the entire industry, better than Nielsen, bigger than Nasdaq. 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.” 

(Featured Image by Stanislaw Zarychta)

First published in Diario Bitcoin a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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