Developer launches cryptocurrency-friendly bond to build self-powered Arctic hotel

Miris, a Norwegian technology and property investor, has launched a blockchain-based green finance framework with a €100m bond to fund the first "energy positive" hotel in the Arctic Circle powered entirely by renewables.

Scheduled to open in 2023, the off-grid Svart Hotel will save 85% of its annual energy consumption and harvest enough solar energy to cover the hotel operations, its boat shuttle operation, its greenhouse farm and the energy needed to construct the building.

Norwegian architect Snøhetta revealed its design for the hotel in 2018. 

Miris said the use of blockchain technology to issue bonds gives full traceability of the performance of the green assets.

• See Miris’ promotional video for the Svart hotel here:

 

It launched the €100m green bond in February 2021 and will give access to it through the euro-based EURxb cryptocurrency.

Contractors will use ‘smart contracts’ via the crypto platform.

Bond-holders can exchange their holdings to EURxb while crypto holders can also trade the bond via the platform.

Miris said this will enable greater fluidity between the traditional bond market and the fast-growing crypto market.

EURxb yields an annual interest of 7%.

Miris founder and chief executive Jan Gunnar Mathisen said: "Partnering with EURxb.finance completes the ‘Green Circle’ in our Green Finance Framework, further enhancing transparency and accountability, and provides a bridge between bondholders and the fast growing crypto market.

"Miris is all about finding a better way. Our vision is to finance and develop a portfolio of properties that are elegant, cohesive with their environments and entirely self-sustaining in terms of energy production and consumption, all across Europe.

"Bridging the old and the new financial systems has been a goal for Miris for a long time. To enable the best properties from both worlds is no longer a goal – it’s a reality. I would consider this to be a gamechanger."

Image: Norwegian architect Snøhetta revealed its design for the hotel in 2018 (Supplied by Miris)