Greek billionaire and television director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin, according to a press release published on July 25.
Per 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 named soon. The token is reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower.