TL;DR
- Innovative Fundraising: The Colorado House of Prayer is using blockchain technology to tokenize the historic Old Stone Church, aiming to raise $2.5 million for its purchase.
- Tokenization Process: The church created a digital asset called “Chapelcoin” on the Polymesh blockchain, allowing investors to buy fractional ownership of the chapel.
- Community Impact: The project has reached 50% of its funding goal and plans to open token sales to non-parishioners, setting a precedent for future real estate tokenization projects.
The Colorado House of Prayer has embarked on an innovative fundraising campaign to purchase the historic Old Stone Church in Fort Collins. The church, led by Pastor Blake Bush, has turned to blockchain technology to tokenize the chapel, aiming to raise $2.5 million for the acquisition.
Pastor Bush, inspired by a spiritual experience, believes that this modern approach is divinely guided. “I heard the Lord say, ‘tokenize the building,’” Bush highlighted that this path was the result of many years of dedicated prayer.
The Old Stone Church, known for its distinctive stone exterior, has been a significant landmark and a spiritual home for the congregation and other affiliated church groups.
How Tokenization Works
The tokenization process involves creating a digital asset, named “Chapelcoin,” which represents fractional ownership of the chapel.
This digital asset is tied to a real estate token created by REtokens and operates on the Polymesh private blockchain. By dividing the building into digital shares, the church allows investors to purchase these shares, thereby contributing to the fundraising goal.
Community and Investor Engagement
To date, the project has secured approximately 50% of its funding goal and is currently on the lookout for more investors. The church plans to open up token sales to individuals outside the congregation, including non-parishioners.
While this decision could potentially expose the church to the risk of outsiders gaining control of the tokens, Pastor Bush remains confident. When asked about the possibility of unwelcome groups acquiring tokens, Bush responded, “Let’s introduce you to Jesus”.
A New Era for Church Fundraising
This initiative not only aims to secure the Old Stone Church but also sets a precedent for future real estate tokenization projects. The success of this venture could pave the way for more organizations to explore blockchain technology as a viable fundraising tool.
According to a report by the Global Financial Markets Association and Boston Consulting Group, the global value of tokenized illiquid assets is expected to reach $16 trillion by 2030.
The Colorado House of Prayer’s innovative approach demonstrates how traditional institutions can embrace modern technology to achieve their goals, blending faith with fintech in a unique and impactful way.
