A church in Colorado is exploring real-world asset tokenization to acquire a parish using blockchain technologies.
The Church's Blockchain Journey
The Colorado House of Prayer has launched a project to purchase its main chapel using blockchain technology. They have tokenized the historic 'Old Stone Church,' an 11,457-square-foot building, aiming to raise $2.5 million. The current owner bought the property in 2022 for $2.2 million. To fund the purchase, the church created a cryptocurrency called 'Stone Coin,' which operates on the Polymesh blockchain and allows investors to buy digital shares of the building.
Future of Real Estate Tokenization
The real estate tokenization market has grown significantly over the years. A Global Financial Markets Association (GFMA) and Boston Consulting Group report projects that the global value of tokenized illiquid assets will reach $16 trillion by 2030. Real estate is a major driver of this growth, with initiatives like Hong Kong's Fubon Bank collaborating with Ripple to tokenize properties.
Church's Plans and Ambitions
Pastor Blake Bush stated that the tokenization initiative was inspired by years of praying and described the project as a mission to reclaim 'God's house.' The church plans to open token sales to people outside the parish in the future, recognizing the risk that external participants may gain control of the project.
This real estate tokenization initiative shows how blockchain technologies can be successfully integrated into various aspects of life, including religious organizations. It may serve as a model for future projects in the field.
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