A Colorado Church Considers Tokenizing and Operating on Blockchain network with the goal of raising $2.5 million. It will be the first church to be tokenized.
One Hope of Colorado, a network of affiliated faith groups, has launched an initiative to purchase its Fort Collins main chapel, built in 1897, using blockchain technology. The group tokenized the “Old Stone Church,” a historic 11,457-square-foot building, to raise $2.5 million for its property.
While it may seem new, as this will be the first church to be tokenized, it is not new to the blockchain world to tokenize real-world assets. In simple terms, fund tokenization is the process of converting real-world assets (RWA) or funds into digital tokens using blockchain technology. Real-world assets encompass tangible assets such as real estate, intellectual properties, art, currencies, commodities, stocks, bonds, money markets, etc.
Pastor Blake Bush led the initiative, believing that this innovative approach was divinely inspired.
“I heard the Lord say, ‘Symbolize the building.’” Bush told Forbes. He added that he had “prayed about this for years” and that God had told him to “go get my house.”
Why does the Church symbolize itself?
Bush’s congregation and other religious groups had been leasing the old stone church from its current owner, a local businessman who also owns a car dealership. The building was purchased in 2022 for $2.2 million. Bush and the Colorado House of Prayer now plan to buy it for $2.5 million. To make that happen, Bush has partnered with REtokensa company specializing in the tokenization of real estate assets, to tokenize the building using the Polymesh blockchain.
One Hope of Colorado aims to pioneer a new model of community investment through the tokenization of real assets, selling shares to the community to raise funds. The goal is to raise enough capital to purchase the old stone church within three years, preserving the historic building. In its initial phase, One Hope intends to raise $2.5 million from accredited investors in the first year. These investors will hold the tokens for a year before selling them on a secondary market, primarily to Colorado residents.
Graeme Moore, head of tokenization at Polymesh Association, said real estate is undergoing a transformation thanks to the tokenization of real-world assets.
“One Hope of Colorado, as the first tokenized church, is a great example of unlocking liquidity and promoting collaborative ownership,” he said. said in a press release.
Pastor Bush and his group created “Stone Coin,” a digital asset intended to raise funds for the purchase of the old stone church. As with any tokenization project, its success will depend on the level of positive token flow and market reaction.
