A church group in Colorado, referred to as the Colorado Home of Prayer, has turned to blockchain know-how to purchase a chapel value $2.5 million.
Beneath the management of Pastor Blake Bush, the group has tokenized the constructing, changing it right into a digital asset to make the acquisition course of simpler.
The chapel, known as the Previous Stone Church, is an 11,457-square-foot constructing that the group has been renting. The present proprietor, a businessperson who additionally runs a automotive dealership, purchased the constructing in 2022 for $2.2 million.
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Pastor Bush advised Forbes that the choice to make use of blockchain was impressed by a non secular expertise, describing:
I heard the Lord say, “tokenize the constructing.”
To boost the wanted funds, the group created a digital forex known as “Stone Coin.” This token, backed by actual property, runs on the Polymesh personal blockchain.
The mission’s success will depend on attracting sufficient investments and sustaining the worth of the tokens. Having raised about half their aim, they’re now on the lookout for extra traders, together with these past their spiritual neighborhood.
Opening token gross sales to non-members has sparked issues about outsiders gaining management over the asset. Nevertheless, when requested about the potential for teams with opposing beliefs, like Satanists, shopping for tokens, Bush replied:
Let’s introduce you to Jesus.
The Colorado Home of Prayer’s resolution to tokenize the chapel reveals how trendy know-how can be utilized to attain non secular targets.
In different information, in June, Galaxy Digital and the co-founder of Animoca Manufacturers tokenized a 1708 Stradivarius Violin.
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