Colorado House of Prayer Launches Blockchain Initiative to Purchase Main Chapel, the Old Stone Church

The Colorado House of Prayer, a network of affiliated church groups, has launched a blockchain initiative to purchase their main chapel, the Old Stone Church.

The Colorado House of Prayer, a network of affiliated church groups, is embarking on a blockchain initiative to purchase their main chapel, the Old Stone Church, in a move that reflects the growing adoption of blockchain technology in various sectors, including real estate.

The group aims to raise $2.5 million through tokenization, turning the historic 11,457-square-foot building into digital shares on the Polymesh private blockchain. The effort is part of a broader trend of faith-based organizations integrating blockchain in their operations.

Pastor Blake Bush, who leads the initiative, told CoinChapter that the idea to tokenize the building came to him during a spiritual experience. He described the concept as “divinely inspired,” adding that it was the result of years of prayer.

“We're on a mission to reclaim God's house. This building was built by the congregation in 1924, and we believe that the Lord wants us to own it again,” Bush said, referring to the Old Stone Church, which is currently owned by a local businessperson who purchased the property in 2022 for $2.2 million.

The church groups now have an option to buy the building from the owner for $2.5 million, and they are aiming to raise the funds through tokenization. The Old Stone Church is known for its distinctive stone exterior and has been central to Bush's congregation and other affiliated groups.

The project has raised about half of its target, and Bush is actively seeking additional investors. The group also plans to extend token sales beyond the congregation to include non-parishioners.

While this could allow outsiders to gain control of the tokens, Bush remains undeterred. When asked by Forbes about the possibility of unwelcome groups acquiring tokens, he quipped, “Let’s introduce you to Jesus.”

The Colorado House of Prayer's initiative is also significant in the context of the growing asset tokenization market, which is expected to reach $16 trillion by 2030, according to the Global Financial Markets Association and Boston Consulting Group (BCG).

Furthermore, conservative estimates from Citigroup suggest that $4 trillion to $5 trillion in tokenized digital securities could be minted by 2030. Notably, Goldman Sachs plans to launch three new tokenization products later this year, driven by increasing client interest.

In the blockchain sector, there has been substantial growth, particularly in protocols with active users. Some notable examples include Propy for real estate tokenization, Toucan and KlimaDAO for digital carbon markets, and Franklin Templeton's U.S. Government Money Fund, which expanded from Stellar to Polygon.

These developments highlight the increasing adoption of tokenization on both public and private blockchains. The Crypto Goes Christian initiative by the Colorado House of Prayer further illustrates the expanding use of blockchain in non-traditional areas, with potential implications for how other organizations might leverage technology for similar goals.