According to the release, the consortium also launched the Swissx Bank of Cannabis to operate the token. The exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be identified soon. The token is purportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged specifically to the median worldwide cost of premium hemp flower.
Initially, the bank and its coin will purportedly oversee all of Swissx’s monetary transactions with its partners within the U.S., Europe, and the Caribbean, but the coin is designed to be a transparent setting for all transactions. Swissx moreover asserts that Prime Minister of St. Kitts-Nevis Denzil Douglas has joined the bank’s board.
The firm was established with the backing of $750 million worth of premium Swissx Cherry Wine and Donald Trump seeds and $250 million. SWX will allegedly be utilized to pay farmers and will be redeemable for cash at any time.
As reports suggest, cryptocurrencies and blockchain are seeing growing use within the legitimate cannabis industry.