Coca-Cola Billionaire Launches Cannabis Stablecoin

Greek billionaire Alkiviades David announced on July 25 the launch of the world's first stablecoin pegged to the price of marijuana.

In addition to stablecoins, the Swissx Bank of Cannabis (SBC) has been established, headquartered in Gstaad, Switzerland, aiming to provide a secondary market for the legal cannabis industry.

The bank is set to launch a dedicated stablecoin called SWX Coin. As reported by Bitcoinist, SWX will be backed by $750 million worth of cannabis seeds and 250 million Swiss Francs ($252 million).

Alkiviades David, the CEO and founder of Swissx, who is a major shareholder in the Leventis-David Group and owns bottled water companies for Coca-Cola in 28 countries, stated:

We have created the first cannabis bank and cryptocurrency using Swiss financial expertise optimized for the legal cannabis industry. We will be the authority in the entire cannabis industry. The cannabis bank and stablecoin will not only ensure the operation of Swissx's international business but will also become the fastest-growing global business engine.

CBD Cannabidiol is a natural extract of cannabis. The 2018 Farm Bill in the United States legalized recreational marijuana, leading to explosive growth in CBD products over the past year. The group claims that the commercial value of CBD products will reach $24 billion by 2023.

The stablecoin SWX Coin has been established on the blockchain in the Farmer's Wallet, where farmers can receive rewards in SWX Coin and freely exchange for cash at Swiss banks or offices in the Caribbean. Founder Alkiviades David mentioned:

Swissx is the first company to mainstream safe, legal CBD products. We will promote large-scale international agricultural cooperation, creating significant opportunities for farmers and regional economies across the Caribbean.

In fact, cryptocurrencies have long been supporting the expanding legal cannabis industry. A previous report also indicated that Grandshores Technology, a Hong Kong-based crypto investment company, plans to establish a presence in the cannabis market as a way to diversify its Bitcoin portfolio.

Grandshores Technology co-chairman Yao Yongjie stated:

Blockchain and industrial hemp are the future, accepted by the younger generation.

Related Reading

• Chinese energy supplier partners with VeChain
• Novogratz reiterates: Bitcoin price will return to $20,000 by the end of 2019

Join now to receive the most comprehensive information on fintech, blockchain insights, and industry examples!