📣 Pro-Crypto Pastor Tokenizes Church Building
posted 19 Aug 2024
The Colorado House of Prayer has issued tokens to fund the purchase of a 19th-century stone church building, valued at $2.5 million, which their congregation has rented since 2022. This fundraising initiative is spearheaded by Pastor Blake Bush, known for his keen interest in cryptocurrencies, including investments in Ripple (XRP).
I heard the Lord say ‘’tokenize the building". I was like, what? I didn’t even know what that meant. I’ve been interested in the technology, but I could not have formed that sentence because that’s just not in my vocabulary,Bush explained.
The token issuance will be handled by the young American company REtokens in partnership with Polymesh, marking their debut in real estate tokenization. Bush aims to raise $2.5 million within a year to purchase the building from Warren Yoder, the manager of a local Chevrolet dealership.
Initially, the tokens will be available exclusively to accredited church congregants at $500 per token, with a minimum investment set at $1,500. Later, the organization plans to enter the secondary market, opening indefinite trading on the REtokens platform to the general public.
Pastor Bush welcomes potential investments from those outside the church community as well. The building will be managed by a board of directors, and token holders will be granted limited voting rights, including the election of the board president and decisions regarding the potential sale of the building.
Investors do not need a crypto wallet to hold these tokens, which are considered securities, but will require a standard REtokens account. Investors will not be eligible for charitable tax deductions, and all returns from price increases or dividends will be taxed according to relevant laws.
Graeme Moore, Head of Tokenization at Polymesh, believes that similar projects could gain popularity among U.S. church organizations. Preliminary data indicates that over 100,000 religious properties are expected to be sold or repurposed in the next decade.
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