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A chapel located in Colorado has become the first tokenized church in the world. A local congregation intends to acquire the historic structure from its current owner for $2.5 million, marking a significant development in the realm of church investment.
Blake Bush, the Pastor of the Colorado House of Prayer, which is a network of church groups, initiated a distinctive fundraising effort to buy the historic Old Stone Church building in Fort Collins through tokenization. In a discussion with Forbes, Bush mentioned that this initiative aims to maintain the church’s legacy and provide parishioners with innovative donation options.
Bush asserts that tokenization is a solution to the church’s financial challenges. The concept of selling tokens backed by real estate will enable parishioners to become investors and assist in the preservation of the structure. The pastor aims to gather $2.5 million to purchase the 19th-century building that the church group has been renting for the past two years.
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The building is being tokenized on the Polymesh private blockchain via the REtokens platform. The initial phase of Stone Coin’s tokenization has been launched and is targeted at professional investors, with a minimum investment set at $50,000. In the future, access to the tokens will be expanded, and the minimum investment threshold will be lowered to $1,500.
Stone tokens will not be available on cryptocurrency exchanges. However, as stated on the website, they will be traded “until Jesus returns” or until a majority of investors opt to sell all assets. Investors will not need to establish a crypto wallet to acquire tokens. Transactions will be conducted through a REtokens account, which will necessitate a KYC process for creation. Token holders will not have a role in the church’s management, ensuring that the purchase of tokens by individuals with opposing beliefs will not interfere with the church group’s plans. Token holders will only have the ability to vote on the election of the board of directors and any potential resale of the building. The anticipated annual growth rate for tokens is 2–3%, contingent on the appreciation of real estate prices in Fort Collins. Investors will also have the opportunity to receive minor dividends from the rental of the building.
Pastor Bush highlighted that parishioners opting to donate by acquiring Stone tokens will be obligated to pay standard income and capital gains taxes on Form K-1. Some parishioners have expressed concern that this requirement may deter significant investors who are used to donating through nonprofits and thus avoiding taxation.
Learn about tokenization and the process of real estate tokenization in the article by CP Media.
Сообщение Church Building Tokenized in U.S. появились сначала на CoinsPaid Media.
