The Colorado House of Prayer, a network of church groups, has launched an innovative initiative to repurchase their main chapel building using blockchain technology.
The Church group aims to raise $2.5 million by tokenizing the historic “Old Stone Church,” an 11,457-square-foot building with a distinctive stone exterior.
Pastor Blake Bush, spearheading this effort, believes the approach was divinely inspired. According to Forbes, Bush recounted a profound spiritual experience that led to this unconventional method. “I heard the Lord say, ‘tokenize the building,'” Bush explained, describing the revelation as the culmination of years of prayer. He reportedly views the project as a mission to reclaim what he terms “God’s house.”
The Old Stone Church, currently owned by a local businessperson who acquired it for $2.2 million in 2022, has long served as a spiritual home for Pastor Bush’s congregation and other affiliated church groups. The Colorado House of Prayer now seeks to purchase it for $2.5 million.
To achieve their goal, the group has created “Stone Coin,” a digital asset linked to a real estate token developed by REtokens. This token operates on the Polymesh private blockchain, effectively dividing the chapel into digital shares available for purchase by investors.
The initiative has already raised approximately half of the required funds and is now seeking additional investors beyond the congregation. While this opens the door to outside participation, Pastor Bush remains confident in the face of potential risks. When questioned about concerns regarding unwelcome buyers, he responded optimistically, “Let’s introduce you to Jesus.”
This innovative approach aligns with a growing trend in the real estate sector that leverages real-world asset (RWA) technology. A notable example is the recent collaboration between Layer 1 blockchain firm Mantra and UAE real estate developer MAG. Both entities plan to tokenize $500 million worth of assets. This trend underscores a growing interest in leveraging digital assets to finance and democratise access to high-value properties globally.
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