While a ‘crypto religion’ often makes people run for the hills, a Colorado church is mixing prayer with blockchain to become the first religious institution to become a tokenized church.
The Colorado House of Prayer is tokenizing the Old Stone Church, aiming to acquire it for $2.5 million.
Just In : Colorado Church Group Tokenizes $2.5M Chapel.
This might be the first tokenized church in the world.#Tokenization pic.twitter.com/Z7yYEThtyi
— AltCoiners.live (@alt_coiners) August 19, 2024
Crypto Religion: Tokenizing the Chapel for Ownership
Pastor Blake Bush, who leads the church, stumbled upon Ripple Labs’ XRP in 2022, and his mind was blown. He saw blockchain as a revolution, not just a buzzword or a vapid tech fad.
The target quickly became the $2.2 million Old Stone Church, an 11,457-square-foot relic the congregation plans to acquire through tokenization.
“I heard the Lord say, ‘tokenize the building,”Blake told reporters. “I’ve been interested in the technology, but I could not have formed that sentence because that’s just not in my vocabulary. I’ve been praying for this for years, and God said, ‘Son, go get my house.’”
To facilitate this purchase, the group has created “Stone Coin,” a digital asset tied to a real estate token on the Polymesh private blockchain. This divides the building into digital shares, enabling investors to contribute to the purchase.
Bush explained, “I’ve been praying for this for years, and God said, ‘Son, go get my house.’”
The project has already raised about half of its goal and is now looking for more investors. Initially, Stone Coins are being offered to accredited investors at $500 per token, with a minimum investment of $50,000.
Blockchain and Real Estate: A New Frontier
When asked about the possibility of an outsider takeover in an interview with Coin Telegraph, pastor Bush quipped, ‘Let’s introduce [them] to Jesus.’”
With a board of ecclesiastical heavyweights, including the local mayor, the Colorado House of Prayer church is a first in the real-world asset tokenization space.
Backed by BlackRock, the RWA market is poised to explode, aiming for a jaw-dropping $13 trillion by 2027.
The Colorado House of Prayer is diving into the deep end of blockchain and might inspire other similar houses of worship and charities to explore tokenization.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
