NAIROBI (CoinChapter.com) — 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 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. This unique approach reflects the growing trend of blockchain adoption in various sectors, including real estate.
Pastor Blake Bush, who leads the initiative, revealed that the idea to tokenize the building came to him during a spiritual experience. He described the concept as “divinely inspired,” claiming it was the result of years of prayer. Bush firmly believes that this project is a mission to reclaim what he refers to as “God’s house.”
Tokenization Paves the Way for Faith-Based Investments
The Old Stone Church, known for its distinctive stone exterior, has been central to Bush’s congregation and other affiliated groups. The current owner, a local businessperson who purchased the property in 2022 for $2.2 million, now plans to sell it to the Colorado House of Prayer for $2.5 million.
To fund this purchase, the group created “Stone Coin,” a digital asset linked to a real estate token developed by REtokens. This token allows the building to be divided into digital shares, which investors can purchase.
The project has raised about half of its target, and Bush is actively seeking additional investors. The group plans to extend token sales beyond the congregation to include non-parishioners. Although this could allow outsiders to gain control of the tokens, Bush remains confident. When asked by Forbes about the possibility of unwelcome groups acquiring tokens, he responded, “Let’s introduce you to Jesus.”
Tokenization Market Set to Explode to $16 Trillion by 2030
The Colorado House of Prayer’s initiative aligns with a broader trend in asset tokenization. Moreover, the market is expected to reach $16 trillion by 2030, according to the Global Financial Markets Association and Boston Consulting Group (BCG).
Additionally, conservative estimates from Citigroup indicate that $4 trillion to $5 trillion in tokenized digital securities could be minted by 2030.
Goldman Sachs plans to launch three new tokenization products later this year, driven by growing client interest. The blockchain sector has seen substantial growth, particularly in protocols with active users.
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 underscore the increasing adoption of tokenization across both public and private blockchains.
The Crypto Goes Christian initiative by the Colorado House of Prayer illustrates the expanding use of blockchain in non-traditional areas, with potential implications for how other organizations might leverage technology for similar goals.
