What a beautiful time to be alive! The world just witnessed the launch of the first-ever global cannabis bank and a new related crypto stablecoin, SWX Coin. The Swissx Cannabis Bank, as it is fondly called, was launched on July 26 by the Greek billionaire, Alkiviades David.
According to David, the goal is to revolutionize the cannabis industry, and he hopes to do this through the Swissx Bank which also operates a unique crypto coin and the Swissx Global Hemp Exchange.
It is an indisputable fact that the burgeoning world of cannabis has attracted a lot of attention lately. The industry dubbed as illegal for many years is finally seeing the light of legality in most countries, even in the U.S. Although yet to be accepted at all levels in the U.S., experts predict the U.S. cannabis industry will soar up to $24 billion in 2023.
The multi-billion-dollar cannabis industry and the incredibly lucrative crypto world pass for probably the two most controversial industries lately. As with the crypto market, government and regulators are perturbed by the detriments that these products could pose to users. Sure, it has a legal facet, however, we can refute the fact that both the crypto and hemp industry can be very well manipulated for illegal activities.
Thanks to the Swissx Bank of Cannabis initiative, users can now trade a little more safely high-quality cannabis. The bank, based in Gstaad, Switzerland is focused primarily on the market in Switzerland and the Caribbean. It also boasts a ton of partners across Europe and the United States.
To keep the space safe, the Swissx Bank of Cannabis operates a cryptocurrency, SWX Coin, that is built on the Bitcoin blockchain and pegged directly to the median global price of premium hemp flower, and thus effectively making it a stablecoin.
The digital coin together with the bank and the Global Hemp Exchange is aimed at providing a secure and transparent channel for all CBD-related transactions across the globe. The cannabis exchange already holds a wallet dubbed The Farmer’s Wallet that is proposed to pay members of the Swissx Hemp Farmers’ Cooperative – an international cooperative set up to meet the growing demand of Swissx Hemp Flower Products.
In addition to serving as a store of quality cannabis and a safe and transparent channel for global cannabis transaction, the initiative is also aimed at curating high-quality hemp strains. This seems to be, indeed, a game changer.
Speaking on the high-level achievement, the CEO and founder of Swissx, Alki David, stated that the Swissx Global Exchange will be an authoritative resource for the entire cannabis industry. “First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” he stated.
Furthermore, he added that “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.”
Even though SWX Coin is the first stablecoin to be linked to cannabis, this is not the first time the crypto and cannabis industries meet. Several crypto firms have already previously rolled out blockchain platforms to track and monitor cannabis-related products.