Colorado Church Group Tokenizes $2.5M Chapel As Crypto Meets Religion – Coinweez

In a groundbreaking move, a Colorado church group known as the “Colorado House of Prayer” has turned to blockchain technology to secure ownership of its historic chapel, the Old Stone Church. Led by Pastor Blake Bush, the church aims to raise $2.5 million by tokenizing the building, marking what may be the world’s first tokenized church. The initiative was inspired by what Bush describes as a spiritual experience, where he felt compelled by divine guidance to use blockchain as a tool for the church’s mission.

Tokenization of the Old Stone Church

The Old Stone Church, a 19th-century building with a stone exterior, has been at the center of the Colorado House of Prayer’s activities for the past two years. Originally purchased in 2022 for $2.2 million by a local businessperson, the church group now seeks to buy the building for $2.5 million using a unique fundraising method: tokenization. This process involves creating a digital asset, called “Stone Coin,” that represents shares of the building on a blockchain. The Stone Coin is linked to a real estate token developed by REtokens and operates on the Polymesh private blockchain.

Each token is priced at $500, with a minimum investment of $1,500, making the investment accessible to a wider range of people. The church has already raised about half of its $2.5 million goal and plans to open token sales to non-parishioners. While this could potentially allow outside groups to gain ownership stakes, Pastor Bush has humorously dismissed concerns, stating he would welcome any investors, even those with opposing beliefs, as an opportunity for outreach.

A New Trend in Church Financing?

The tokenization of the Old Stone Church may signal the beginning of a new trend in church financing, particularly for religious organizations facing financial challenges. As church attendance declines and traditional funding sources dwindle, more churches could turn to innovative technologies like blockchain to secure their futures. Pastor Bush envisions creating a foundation to help other communities with historic buildings use tokenization as a means to preserve their properties.

With estimates suggesting that up to 100,000 church properties in the U.S. could be sold or repurposed in the next decade, tokenization offers a potentially transformative solution for churches looking to maintain control over their assets. The success of the Colorado House of Prayer’s initiative could inspire similar projects across the country, providing a blueprint for other religious groups to follow.

Broader Implications and Future Vision

The Colorado House of Prayer’s use of blockchain technology to secure its chapel is not just about fundraising; it represents a broader vision of integrating modern technology with faith-based initiatives. By embracing blockchain, the church is not only safeguarding its physical property but also fostering greater community involvement and expanding its outreach.

Pastor Bush’s ambitions extend beyond the Old Stone Church. He hopes to lead a movement that empowers other religious communities to use tokenization to protect their assets and engage with a broader audience. As the first tokenized church in the world, the Colorado House of Prayer’s project could pave the way for a new era of church financing, where technology and faith intersect in innovative ways.

The tokenization of the Old Stone Church by the Colorado House of Prayer marks a significant milestone in the intersection of religion and technology. By leveraging blockchain, the church is securing its future while potentially setting a precedent for other religious organizations to follow. As the project progresses, it will be interesting to see how this innovative approach to church financing evolves and what impact it may have on the broader religious community.

Featuted image courtesy of Deviantart

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• Source: https://coinweez.com/colorado-church-group-tokenizes-2-5m-chapel-as-crypto-meets-religion/