A church in Colorado is now running on the blockchain network

A Colorado church plans to tokenize and run on blockchain network in an effort to raise $2.5 million. It will be the first church ever to be symbolized.

One Hope of Colorado, a network of affiliated church groups, has launched an initiative to buy its main chapel in Fort Collins, built in 1897, using blockchain technology. The group has leased the “Old Stone Church,” an 11,457-square-foot historic building, to raise $2.5 million for its property.

While this may sound new since it will be the first church to ever 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 include tangible assets such as real estate, intellectual property, art, currencies, commodities, stocks, bonds, money markets, and more.

Pastor Blake Bush led the initiative, believing that this innovative approach was divinely inspired.

“I heard the Lord say, ‘signify the building'” Bush told Forbes. He also added that he had “been praying for this for years” and that God told him to “go get my house”.

Why does the church symbolize itself?

Bush’s congregation and other church groups leased the Old Stone Church from the 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 achieve this, Bush collaborated with REtokensa company specialized in the tokenization of real estate assets, for the tokenization of the building using the Polymesh blockchain.

One Hope of Colorado aims to initiate a new model of community investment by tokenizing real-world assets, selling shares to the community to raise funds. The goal is to secure enough capital to purchase the Old Stone Church within three years, preserving the historic building. In its seed stage, One Hope plans 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, mainly to Colorado residents.

Graeme Moore, head of tokenization at the Polymesh Association, said real estate is undergoing a transformation by tokenizing real-world assets.

“One Hope of Colorado, as the first church ever symbolized, is a great example of unlocking liquidity and promoting collaborative ownership,” he said in a press release.

Pastor Bush and his group created “Stone Coin”, a digital asset designed 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 response.