Cryptocurrency and marijuana, the two most buzzing industries in today’s time, are apparently all set to converge. An ideal example of this has come in the form of The Swissx Bank of Cannabis.
Founded by Greek billionaire Alkiviades David, the bank is aimed at facilitating “legal marijuana transactions across the globe.” It was launched on Thursday with David’s Switzerland-based consortium and will reportedly be based in the Swiss Alps resort town of Gstaad.
The bank also boasts an SWX coin, which is being touted as “a cryptocurrency based on Bitcoin’s blockchain technology with single-unit pricing pegged directly to the median global price of premium hemp flower.”
How will the Swissx Bank (and SWX coin) work?
The bank has created a “farmer’s wallet” — operating under SWX Coin’s blockchain technology — through which members of the Swissx Hemp Farmers’ Cooperative will be paid. Notably, the cooperative was created to keep up with the demand for Swissx Hemp Flower products, and provides proprietary hemp strains, training, and a guarantee to purchase all crops grown by its participating farmers.
The SWX Coin operates on D-wave technology’s advanced quantum computers to ensure optimal speed and security.
About Alki David
David is the owner and a shareholder of the Leventis-David Group, which owns Coca-Cola Hellenic bottling plants in as many as 28 countries. He has been an active and rather a controversial figure in the burgeoning marijuana industry of late. In May of this year, David was apprehended for allegedly attempting to smuggle more than $1 million worth of marijuana products onto the Caribbean island of St. Kitts and Nevis.
The same month, he announced that he had landed in Puerto Rico with $3 million worth of hemp seed and a licensed marijuana grower in an effort to provide relief to farmers affected by Hurricane Maria in 2017.
