Alki David – a billionaire and television director from Greece – along with his business associates from Switzerland – has introduced a new cannabis-supported token SWX Coin.

As stated via a press release on July 25, following the announcement of the coin, the Swissx Bank of Cannabis has also been established to run the token. The exchange will be located in Gstaad, Switzerland, together with headquarters in the Caribbean region that is yet to have an official name.

The token will be built upon Bitcoin (BTC) blockchain,with each token will be pegged straight to the median international price of premium hemp flower.

The original idea of the project, is to form a coin with a bank that would financially handle all of Swissx’s transactional activities, with its U.S., Europe and the Caribbean-based partners. However, the coin has been specifically created to become a transparent platform that facilitate all transactions.

Swissx further announced that Denzil Douglas – current Prime Minister of St. Kitts-Nevis – has become a member of the board.

Upon its establishment, the bank has received investment of $250 million, along with $750 million equivalent of premium Swissx Cherry Wine and president Trump seeds. SWX will be particularly used as a means of payment for farmers, and customer can freely redeem cash from it at any given moment.