Megatel cleared by SEC to launch MegPrime crypto rewards for renters

US homebuilder Megatel Homes said it will launch a crypto rewards platform called MegPrime after receiving a Securities and Exchange Commission no-action letter, the company announced. MegPrime will use "MP Tokens" to give users rewards, including earning tokens when using them to pay rent; tokens can be used for "everyday purchases" or converted to US dollars, the company said.

The SEC's letter recommended no enforcement action so long as the platform strictly follows its outlined plan. MegPrime said in a post on X that the company "operated in stealth-mode to meet regulatory requirements." The platform has made bold promises for renters, claiming those who use the token to pay rent may be "eligible to receive 100% of their past 12 months of rent, up to $25,000, toward a future home purchase," and that homeowners may be able to access mortgage rates up to 2% below the market average, potentially saving "thousands of dollars." Aaron Ipour, co-founder of Megatel Homes and MegPrime, said the platform "provides a real financial lifeline to renters, homeowners, and aspiring homebuyers." Cointelegraph noted crypto cashback has already been offered through credit cards for several years.

Recent data shows around 32% of people in the US live in rental housing, and the average 30-year fixed-rate mortgage in the US is 6.06%, according to Freddie Mac.

Key Topics

Crypto, Megatel Homes, Megprime, Mp Tokens, Aaron Ipour, Rental Housing