A Colorado Church Has Tokenized Its $2.5M Chapel on the Blockchain

This innovative move allows fractional ownership through blockchain technology, potentially paving the way for more real estate tokenization in the future.

A Colorado church group network, affiliated with the House of Prayer, has recently launched a project to purchase its main chapel using blockchain technology. The project marks a significant expansion in the use of blockchain beyond the circular economy.

The church group has already tokenized the “Old Stone Church,” a historic 11,457-square-foot building, aiming to raise $2.5 million. The current owner, a local entrepreneur, bought the property in 2022 for $2.2 million. Leveraging tokenization, the Colorado House of Prayer is now trying to purchase the building for $2.55 million.

A Colorado church has made history by tokenizing its $2.5M chapel on the blockchain. This innovative move allows fractional ownership through blockchain technology, potentially paving the way for more real estate tokenization in the future. #Blockchain #RealEstate #Innovation pic.twitter.com/nOXNJUUcTf

— 🛸Crypto Comedian ❤️ LOVE YOU (@RostislavT3) August 19, 2024

To achieve this goal, the group created a special cryptocurrency called “Stone Coin” to fund the purchase. The coin, created by REtokens, operates on the Polymesh private blockchain and is linked to a real estate token. The group used tokenization to divide the building into digital shares, which investors can purchase.

The project’s success hinges on the token’s reactive value and the influx of positive investments. So far, the project is progressing well, with the group having secured over half of its target. However, they are still actively seeking additional investors to reach their goal. In the future, they plan to open up token sales to non-parishioners and individuals outside the church.

On the downside, there is a risk that outsiders could gain control over the project. However, Pastor Blake Bush is unfazed by this prospect. When asked about the possibility of groups like Satanists acquiring tokens, Bush confidently stated, “Let’s introduce you to Jesus.”

Speaking about the origins of the initiative, Pastor Bush revealed that it came to him during years of communing with God in prayers. “I heard the Lord say, ‘tokenize the building,’” Bush said, according to a Forbes report. He strongly believes that the tokenization project is a mission to reclaim what he refers to as “God’s house.”

This innovative initiative enables fractional ownership through blockchain technology, opening the door for future real estate tokenization projects.

A Closer Look at Real Estate TokenizationThe tokenization market has flourished over the years, evolving into a multi-billion dollar sector. A report by the Global Financial Markets Association (GFMA) and the Boston Consulting Group projects that the global value of tokenized illiquid assets will reach $16 trillion by 2030.

The real estate industry is playing a pivotal role in driving this remarkable growth. Last year, Fubon Bank, headquartered in Hong Kong, partnered with Ripple to launch a real estate tokenization initiative. The project aims to harness the capabilities of blockchain technology and crypto to streamline property transactions and lending processes, as reported by us.

In a separate development, Chainlink, a leading provider of tokenized Real-World Assets (RWA), announced plans to revolutionize the real estate market with tokenization. The process involves representing real estate properties as Non-Fungible Tokens (NFT), as detailed in our earlier article.