Greek billionaire launches cryptocurrency – backed by cannabis

Image source: Shutterstock / Trijo News

2019-07-29 09:36

Teodor Stig-Matz

teodor.matz@trijo.co

SWX coin will, among other things, be used to pay cannabis farmers.

Bitcoin and other cryptocurrencies have had a shaky time lately. Fluctuating prices have been more the rule than the exception, and the world’s biggest cryptocurrency is currently trading below $10,000.

Maybe this news can calm down the situation. The Greek billionaire Alki David and his Switzerland-based consortium have launched a cryptocurrency – the value of which is backed by cannabis.

On the bitcoin blockchain

The cryptocurrency is called SWX coin and is based on the bitcoin blockchain. Among other things, it will be used to pay farmers who grow cannabis.

The price of SWX coin is linked to the median price of cannabis, and the cryptocurrency will be directly interchangeable with traditional currencies, Cointelegraph reports.

Whether SWX coin will succeed – or if it all ends with the project going up in smoke – remains to be seen.

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