- Architecture Of the New Instrument: How It Works
- Pilot Issuance Details And the First Trade
- Project Geography: Where Can You Vacation With Tokens?
- Why Does Business Need “Service Tokenization”??
- What’s the Value Proposition For Investors?
- Market Outlook
The traditional financial market continues to give way to digital formats. Familiar stocks and bonds are increasingly being replaced by hybrid digital instruments backed not by abstract financial metrics but by real goods and services. An important milestone in this shift is the launch on SPB Exchange of over-the-counter trading in digital certificates whose underlying asset is accommodation rights within the Green Flow hotel network.
This marks a notable development for the Russian market: investors can now legally buy, sell, and use “vacation tokens” through familiar exchange infrastructure, backed by real hospitality assets.
Architecture Of the New Instrument: How It Works
The project’s technical and legal framework is enabled by the “OTC Contracts Clearing” service operated by SPB Clearing. Transactions are executed with a central counterparty, ensuring settlement reliability and minimizing default risk for both sides.
The new financial instrument differs fundamentally from traditional securities. Its foundation is Utility Digital Rights (UDRs)—digitally recorded claims that entitle the holder to receive goods, services, or work. In this case, the utility right grants payment for hotel stays.
To make these rights easily tradable through standard brokerage apps, they are “wrapped” in a conventional legal format—a Digital Certificate (DC). This is a non-issue, uncertificated security with no par value that confirms ownership of the underlying UDR for a specific investor.
The settlement mechanics are straightforward:
1 DC = 1 UDR
However, the number of digital rights required to book a room is not fixed. It changes dynamically depending on:
• Room category and price
• Seasonal factors (for example, New Year holidays or peak ski season require more UDRs than the off-season)
Pilot Issuance Details And the First Trade
The first instrument listed is a digital certificate called Green Flow DC (ticker: DCGFB1, ISIN: DCSPBGFB1BR0).
Issuer: SPB Bank
Service operator: Anterra, which develops innovative hotels and thermal resorts under the Green Flow brand
Investment platform: the initial offering and UDR issuance were conducted on BitRussia
The historic first trade in the new asset was executed between clearing participants ALOR Broker and SPB Bank. The initial market price per digital certificate was set at 9,045 rubles.
Project Geography: Where Can You Vacation With Tokens?
Green Flow focuses on well-being and wellness hospitality. For now, the digital rights apply to the flagship property, but the instrument already incorporates the company’s broader regional expansion strategy.
Investors will be able to redeem their rights at:
• Green Flow Hotel Rosa Khutor (Sochi) — available now
• Green Flow Baikal Resort — opening planned for March 1, 2027
• Green Flow Kaluga Resort — planned for 2028
• Green Flow Russky Island Resort (Primorsky Kray) — planned for 2028
In other words, investors are buying not just a stay at one hotel, but a universal pass to a future nationwide resort network.
Why Does Business Need “Service Tokenization”??
Issuing digital rights represents an innovative funding model. Instead of taking out expensive bank loans or issuing corporate bonds, the company raises capital by pre-selling future services.
Key advantages for the operator (Green Flow):
1. Lower debt burden–Raised funds do not appear as traditional bank debt and do not require regular interest or coupon payments. Obligations are settled through service delivery.
2. Financing flexibility–An alternative source of working capital and development funding for new properties, including Baikal, Kaluga, and Vladivostok.
3. Guaranteed customer flow–Token holders are highly likely to use their rights, while also purchasing ancillary services (food, spa, excursions), increasing overall revenue.
What’s the Value Proposition For Investors?
For retail investors, digital service rights introduce an entirely new asset class—real utility tokens tied to physical infrastructure. The benefits include:
• Broad accessibility – Unlike complex structured products, OTC trades in DCGFB1 are available to non-qualified investors
• Inflation hedge – Hotel rates historically rise with inflation (often faster in domestic tourism). Buying certificates today effectively locks in future vacation costs
• Speculative upside – Investors who do not plan to travel can sell during peak season or after rate increases on the secondary market
• Familiar trading environment – Transactions are executed through standard trading terminals on weekdays from 10:00 to 19:00 Moscow time
Market Outlook
The launch of Green Flow digital certificates on SPB Exchange is a pilot project aimed at testing both demand and infrastructure reliability. If successful, it could trigger broader adoption of similar models.
SPB Exchange has already announced plans to actively develop this segment. In the future, the platform aims to attract companies across retail, airlines, real estate development, and telecom—businesses interested in raising capital by issuing legally compliant, exchange-traded digital rights to their goods and services.
