Cannabis meets crypto, token backed by Cannabis launched

Within the financial world, several emerging concepts are bound to become mainstays in the next few years and in the late 1990s and early 2000’s, one of these was the internet itself which led to the dot com bubble. Now there are a number of them and some of the most prominent are cryptocurrency and blockchain as well as cannabis. This is because cryptocurrency and blockchain are being more widely used around the world and are seeing mainstream adoption and also because cannabis is being legalized in various states, countries, and provinces around the world and thus, the market for it is booming.

Now Greek billionaire and television director Alki David is looking to get in on the action of both Industries as his Swiss Consortium has launched a new token the  SWX coin which is backed by cannabis and will have its own exchange according to a press release from July 25, 2019.

Crypto & Cannabis

The press release states that the Consortium has launched the Swissx bank of Cannabis which will be headquartered in the Gstaad but will also have a Caribbean headquarters that will be named soon. The bank operates the  SWX coin which is a cryptocurrency that is based on the Bitcoin blockchain but is pegged to a different asset. Unlike certain coins that are paired to fiat currency or things such as gold, the token will be pegged to the median global price of premium hemp flower.

Besides the token itself, the Swissx Global Hemp Exchange which will act as a secondary market for futures where other trades can be made based on its global market analytics. In the initial stage, the bank and they will manage all Swissx’s financial transactions with its US Europe and Caribbean partners. This new development is a rather interesting one because it merges two of the biggest emerging Industries within the financial world and also pushes the boundaries of what a cryptocurrency can be pegged to. Des[ite being somewhat unusual, the cannabis industry is actually a lucrative one and it is estimated that the industry is expected to reach $24 billion in the United States alone by 2023 and as such, Swissx is getting in on the action ahead of time.

Also notable is the fact that the prime minister of Saint Kitts-Nevis Denzil Douglas will be joining the bank’s board. The Swissx Bank of Cannabis itself was launched with the backing of $750 million worth of premium Swissx cherry wine and Donald Trump seeds as well as $250 million in Swiss francs.