A Swiss national and his consortium have launched The Swissx Bank of Cannabis. The Bank also operates SWX Coin, a Bitcoin blockchain-based cryptocurrency. This development was on 25 July.
Swissx informed that Alkiviades David had created the Swissx Bank of Cannabis to facilitate legal cannabis transactions worldwide. Swiss further added that SWX Coin is backed by a bank of proprietary hemp strain seeds worth 750 million U.S. dollars. The coin is also backed by 250 million U.S. dollars in Swiss Francs pegged to the global price of hemp. Swissx clarified that the Swissx Global Hemp Exchange would provide analytics and a forum for trade.
Alki David, CEO, and Founder of Swissx quoted –
“First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean. 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.”
Swissx provided insight that initially the bank and its coin would manage all of Swissx’s financial transactions. This would be in collaboration with its many partners in the United States, Europe, and the Caribbean. Swissx emphasized that the bank was also a need-based solution for the entire Cannabis sector, providing a secure, transparent venue for all transactions. Swissx added that the hemp business is expected to reach 24 billion U.S. dollars in the U.S. alone.
OneConnect Financial Technology Co. Ltd. has partnered with UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines (UnionBank), to build the country’s first blockchain-enabled platform. OneConnect conveyed that this partnership was mainly to meet the banking needs of micro, small and medium enterprises (MSMEs). OneConnect highlighted that the partnership upholds both UBX and OneConnect’s dedication in accelerating digital transformation in the Philippines.
Swissx concluded by noting that it was supported by Alki David’s companies, FilmOn Networks, a pioneering, global streaming TV service, Hologram USA, the original celebrity hologram company, and the digital distribution platform Octiive. Swissx clarified that partners of Alki David’s companies include Universal Studios, Capital Cities/ABC, the House of Dior, Universal Music Group, Tyson Ranch, Indian Prime Minister Narendra Modi, and NBCUniversal.