Billionaire Alkiviades David announced the launch of the Bank of Cannabis Swissx, a platform dedicated to global cannabis legal transactions. At the same time, the SWX Coin token was launched, based on a 750 million dollar cannabis seed bank.
Swissx Global Hemp Exchange will also provide analyzes and prices as well as a forum for trade.
Alki David, who is CEO of Swissx, announced that his headquarters will be in Gstaad and that he will open a headquarters in the Caribbean soon.
SWX Coin: token based on the price of cannabis
The platform also manages SWX Coin, a cryptomonas based on the Bitcoin blockchain, based on the average price of premium cannabis. Swissx Global Hemp Exchange will also provide the entire industry with a secondary market in which futures and other transactions can be made on the basis of global market analysis.
Initially, Swissx Bank and the currency will manage all of Swissx’s financial transactions with its many partners in the United States, Europe and the Caribbean. The bank is also a turnkey solution for the entire cannabis sector, providing a secure and transparent place for all transactions and a commodity-related currency. It is estimated that by 2023 CBD cannabis transactions will reach over $ 24 billion only in the US.
A $ 1 billion reserve
Swissx has a cannabis seed reserve worth $ 750 million and $ 250 million in Swiss francs. The platform also created a wallet to be used by Swissx cannabis farmers. The international cooperative, which is rapidly growing in the Caribbean, has been created to keep pace with demand for products. Provides own hemp strains proprietary, training and a guarantee for the purchase of all crops cultivated by participating farmers.
Farmers are paid in SWX Tokens. They can be converted into cash anytime, without restrictions, from the safes of the bank in Gstaad, Switzerland or from the regional Caribbean offices. Apart from the farmer’s wallet, the hemp surplus is sold to third party buyers using SWX tokens that they buy from Swissx Bank of Cannabis.
Initially, SwissX will manage its own crops, but it expects to become the authority for the entire cannabis sector in the future to establish pricing and reliable trading.
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