- A Colorado clergyman has brought blockchain technology to the church.
- The pastor discovered blockchain’s potential after investing in XRP.
- His church seeks to raise millions through real estate asset tokenization.
Colorado House of Prayer’s clergyman Blake Bush is leveraging blockchain technology to raise $2.5 million to purchase the historic 19th-century Old Stone Church.
The 55-year-old pastor recently teamed up with REtokens to tokenize the building, a move he said would enable the church community in Northern Colorado to become partners and co-owners of the ministry. Bush’s church decided to buy the building after renting it for the past two years.
Bush’s Journey to Embracing Blockchain
Blake Bush told Forbes on August 18 that his entry into the blockchain industry took place in the summer of 2022 when a friend introduced him to Ripple Labs’ cryptocurrency, XRP, which he decided to buy. The investment inspired him to conduct further research into Ripple’s blockchain technology. After which, the idea of real estate tokenization “entered his thoughts” in February this year.
Sponsored
“I heard the Lord say ‘tokenize the building,’” Blake claimed. “I’ve been interested in the technology, but I could not have formed that sentence because that’s just not in my vocabulary. I've been praying for this for years, and God said, ‘Son, go get my house.’”
Per the report, REtokens rolled out the project’s first phase on Friday, targeting accredited investors with a minimum of $50,000 to purchase Stone tokens at $500 per token. The initiative’s website noted that these tokens would later trade in the secondary market indefinitely or “until Jesus returns.”
“Stone Tokens will continue to be sold/purchased by investors until Jesus returns or until the majority of investors and the board deem it necessary to sell the building.” The notice on the website reads.
Warren Yoder currently owns the Old Stone Church building, which he bought in 2022 for $2.2 million.
Read about the UK government’s game-changing tokenization initiative:
UK Government Approves Game-Changing Tokenization Initiative
Stay updated on Ghana’s move to regulate cryptocurrencies:
Ghana Proposes Crypto Exchange Regulation Rules to Protect Consumers
