In a groundbreaking move, the Old Stone Church in Fort Collins, Colorado, has turned to cryptocurrency to raise funds for purchasing its historic 19th-century chapel. Led by Pastor Blake Bush, the initiative marks the first instance of a church in the United States being tokenized. The goal is to raise $2.5 million to buy the 11,457-square-foot building, which has served as a spiritual hub for the community for years.
Pastor Bush, who became interested in cryptocurrency in 2022 after learning about XRP and the ongoing legal battle between Ripple and the SEC, had a revelation to tokenize the church. The initiative has brought in Tyler Vinson, founder of REtokens, and Polymesh, a Swiss blockchain operator, to facilitate the tokenization process.
The first phase of the tokenization project targets accredited investors with a minimum investment requirement of $50,000, aiming to raise the necessary funds within a year. Eventually, the plan is to make tokens available on a secondary market, allowing non-accredited investors to participate with a minimum investment of $1,500.
The church’s current owner, Warren Yoder, who purchased the building in 2022 for $2.2 million, is a member of Bush’s congregation. The project has garnered local support, with the mayor of Severance, Colorado, joining the board overseeing the initiative.
While the initiative is novel, it has raised questions about potential challenges, including concerns over who might acquire the majority of the tokens. Pastor Bush remains optimistic, even welcoming the idea of engaging with unconventional investors.