The Greek billionaire Alki David, owner of Coca-Cola Hellenic bottling plants in 28 countries, has launched a new venture. The Swissx Bank Of Cannabis, the first cannabis-tied cryptocurrency and global hemp exchange in the world. Its motive is to facilitate legal marijuana transactions across the globe.

The Swissx Bank Of Cannabis is introduced in alliance with David’s Swiss-based consortium. It is headquartered in Gstaad and will soon be in the Caribbean. It will function the SWX Coins, narrated as “a cryptocurrency based on Bitcoin’s blockchain with single-unit pricing is pegged directly to the median global price of premium hemp flower.”

This cryptocurrency exchange motives to conduct the outreach to CBD industry’s global market analytics, according to a press release. “First, we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” David said in publication Grizzle. He added, “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry.”

Early Controversies Encircling The Billionaire Entrepreneur

In May, Alki David was arrested in the Caribbean nation St. Kitts & Nevis for reportedly trying to smuggle 5,000 cannabis plants on his private jet, which is more than $1 million worth of cannabis products. Later he addressed the incident in a post on his Instagram account.

“St. Kitts is not going to get all these delicious goodies for another couple of weeks,” he said in the video. “We’ve sorted out all of the issues that we had as you can see. No need for an extraction team. We’re headed back.”

How Will It Work?

David’s other businesses are also supporting Swissx, including FilmOn Networks, Hologram, USA, and Octiive and having several partners such as Universal Studies, Capital Cities / ABS, House of Dior, and Universal Music Group.

The Swissx Bank of Cannabis launched with $750 million worth of Swissx Cherry Wine, Donald Trump seeds, and $250 million Swiss francs.

They have created “The Farmer’s Wallet,” through which payment for members of the Swissx Hemp Farmers’ Cooperative will be made. The hemp transaction of the bank will monitor and evaluate the data stream. It would also manage the excess crops of Swissx at the preferred price.

They focus on using recent technology to keep optimal speed as well as safety. It will operate on D-wave technology’s advanced quantum computers.

Vision Of The Swissx Bank of Cannabis:

According to The Swissx Bank of Cannabis, it is the latest means for customers and investor interested in investing in the cannabis industry. They refer it as “a secure, transparent venue for all transactions,” as well as “a coin tied to a commodity.”

Furthermore, its mission is to be the “engine” for the worldwide marijuana transaction. They presently operate in California, Puerto Rico, Switzerland, and South Korea with products distributed to retailers across the globe, including 7-Eleven.