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08/17/2024

Colorado Church Group Tokenizes $2.5M House of Prayer

This may be the first tokenized church in the world. A network of affiliated church groups called Colorado House of Prayer has tokenized its main church building in an effort to acquire the $2.5 million property. The pastor leading the project, Blake Bush, says he was moved by a higher power to use blockchain technology as a tool to advance the group's mission. Tokenizing the Building According to a Forbes report, Bush's congregation and other church groups have been renting the building

Colorado Church Group Tokenizes $2.5M House of Prayer

This may be the first tokenized church in the world.

A network of affiliated church groups called Colorado House of Prayer has tokenized its main church building in an effort to acquire the $2.5 million property.

The pastor leading the project, Blake Bush, says he was moved by a higher power to use blockchain technology as a tool to advance the group's mission.

Tokenizing the Building

According to a Forbes report, Bush's congregation and other church groups have been renting the building from its owner, a local entrepreneur who also owns a car dealership.

The 11,457-square-foot building, known as the Old Stone Church for its stone exterior, was purchased by its current owner in 2022 for $2.2 million. Bush and the Colorado House of Prayer group reportedly intend to acquire the building for $2.5 million.

Bush says the idea to tokenize the building — putting it on the blockchain as a digital asset that can be divided into shares — came to him after a spiritual experience.

"I heard God say, 'tokenize the building,'" Bush told Forbes, adding that he had "been praying about this for years" and that God told him to "go get My house."

Blockchain and Real Estate

To carry out his divine mission, Bush and the group created Stone Coin, a digital asset used to raise funds for the acquisition of the Old Stone Church. The coin is tied to a real estate token created by REtokens and runs on the private Polymesh blockchain.

Like any tokenization project, the outcome will depend on active token circulation and price response. The project is seeking investors after having raised roughly half of its funding target.

Going forward, the token's governing board — which includes Bush, other religious leaders, and the mayor of a nearby city — plans to open token sales to non-believers. While this could put digital ownership of the property at risk of being taken over by outsiders, Bush doesn't seem particularly worried about it.

When asked about the possibility of, say, Satanists buying up church tokens, Bush quipped that he would be grateful, saying, "Let us introduce you to Jesus."