Megatel Homes, a private residential developer based in Texas, received clearance from the US Securities and Exchange Commission (SEC) on January 15 to introduce a new crypto rewards system named MegPrime.
The company was granted a “no-action” letter that allowed the project to proceed, provided it followed certain guidelines.
The MegPrime token is designed for use with rent and mortgage payments, as well as a rewards tool, rather than for investment. Megatel aims to release the token to the public within several weeks following the announcement.
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With this system, participants can spend MegPrime at various regular businesses using a digital wallet or payment card. Users will receive incentives in tokens, access discounted gift cards, and earn points redeemable for benefits related to housing and homeownership.
This digital asset offering builds on a previous program, launched by Megatel in 2019, that allowed renters to apply the equivalent of a year’s rent toward the purchase price of a home in the future.
Renters using MegPrime may be eligible for a refund of up to 100% of rent from the last 12 months, with a maximum benefit of $25,000, intended for a down payment on a house.
In addition, existing homeowners might access mortgage rates as much as 2% below common market rates, which could translate to considerable savings over the term of the loan.
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