US-based homebuilder Megatel Homes is preparing to launch a cryptocurrency-powered rewards platform after receiving a “no-action” letter from the US Securities and Exchange Commission, clearing the way for the rollout of its new fintech initiative.
Megatel announced on Thursday that the platform, called MegPrime, will operate as a universal payments and rewards ecosystem built around its digital currency, the MP Token.
The SEC staff’s no-action letter to MegPrime Holding, LLC and Megatel Homes, LLC indicates that regulators do not currently intend to take enforcement action against the proposed structure, allowing the company to move forward with the launch.
MegPrime Platform Features and Benefits
MegPrime is designed to turn everyday household spending into rewards that can be used for real-world purchases or converted into US dollars.
Users can earn MP Tokens by paying rent, mortgages, and other bills through the MegPrime app, creating what the company describes as a unified rewards experience for renters and homeowners.
One of the platform’s core features, BillPay Rewards, allows users who pay rent or mortgage payments with MP Tokens to earn up to 20% back in token rewards.
These rewards can be applied toward everyday expenses such as groceries, gas, and utility bills, or redeemed for cash. Another feature, RentForward, enables renters to apply up to 100% of their past 12 months of rent, capped at $25,000, toward a future home purchase.
MegPrime also includes a MegaLow Rate Program, offering eligible users mortgage rates up to 2% below market rates when payments are made using MP Tokens, potentially generating significant long-term savings. Additionally, users can earn up to 10% back on daily purchases through a MegPrime crypto debit card.
Addressing Housing Affordability with Blockchain
“As the housing market continues to grapple with unsustainable interest rates and price inflation, MegPrime provides a real financial lifeline,” said Aaron Ipour, co-founder of Megatel Homes and MegPrime.
He described the platform as a new model for integrating blockchain technology into residential real estate.
Megatel said the platform aims to address housing affordability challenges by combining real estate expertise with blockchain-based financial incentives, positioning MegPrime as a novel intersection of decentralized finance and homeownership.