Bitrabo Editorial
A church in Colorado is embracing cryptocurrency and blockchain technology to ensure ownership of its historic chapel, the Old Stone Church.
Under the leadership of Pastor Blake Bush at the Colorado House of Prayer, a network of churches is working together in a unique initiative to raise $2.5 million through a digital asset named “Stone Coin” and encourage community members to invest in its future.
A Unique Revelation
Pastor Bush attributes the idea to tokenize the church to a spiritual experience where he claims to have been guided by a divine voice to “tokenize the building.”
Over the years, the Old Stone Church, a 19th-century building, has been leased by the Colorado House of Prayer and was recently purchased by the church community for $2.5 million.
Churches are increasingly turning to technology to address contemporary financial challenges. With declining attendance and financial constraints, this unconventional approach might set a precedent for others to follow.
The tokens are priced at $500 each with a minimum investment of $1,500, making it accessible to a broader audience and encouraging community involvement.
The Implementation of Tokenization
The Stone Coin is tethered to a real estate token developed by RETokens and operates on the Polymath private blockchain. This framework allows the church to divide the building’s value into smaller shares, facilitating community investment.
Although opening the opportunity to non-parishioners raises concerns about external control, Pastor Bush welcomes diverse groups, emphasizing a broader vision of community outreach and engagement.
Looking Ahead
Pastor Bush envisions establishing a foundation to assist other communities with historic buildings in tokenizing their assets. This innovative approach could revolutionize how churches facing similar challenges manage their properties.
This initiative is just the beginning, with projections suggesting a significant number of church properties in the US may undergo changes in the coming years, encouraging others to explore alternative paths.