Headquartered in Gstaad, Switzerland, the Bank will operate SWX Coin, a cryptocurrency that is based on Bitcoin’s blockchain and fixed directly to the median global price of hemp flower.
The Bank and Coin will handle the entirety of Swissx transactions and those of its global partners and function as a turn-key solution for the cannabis sector.
The new venture will provide a safe financial venue for businesses and a coin tied to a commodity that is at the center of one of the most rapidly-growing industries in the world.
SWX Coin is backed by a bank of $750 million worth of proprietary-strain hemp seeds as well as $250 million in Swiss Francs pegged to the global price of hemp.
The Farmer’s Wallet has also been set up within the blockchain to pay members of the Swissx Hemp Farmers’ Cooperative in SWX Coin, which can be redeemed for cash at any time from the Bank’s vaults in Gstaad or regional offices in the Caribbean.
The Cooperative was established to meet the demand for Swissx Hemp Flower products, with a guarantee to purchase all crops grown by participating farmers.
“First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” said David. “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry.”
David says that the Global Hemp Exchange will be an authoritative resource for the cannabis industry which, when combined with the currency and Bank, will become the driving force behind the fastest growing business sector in the world.