Texas-Based Homebuilder Megatel Homes Receives SEC Nod to Issue Crypto Rewards
Megatel Homes, a privately held residence builder within the US, has introduced the launch of a crypto payments and rewards token dubbed “MegPrime.”
The announcement got here after the Dallas-based Megatel obtained a “no-action” letter from the Securities and Exchange Commission, permitting it to launch the common funds token.
MegPrime token turns on a regular basis spending into unified rewards, serving to households earn a portion of the cash they’d spent.
Zach Ipour, co-founder of Megatel Homes, said that the token marks the corporate’s first entry into the digital property house.
Megatel Token to Earn Rewards, Not as Investment
The firm made it clear that MegPrime tokens will solely be marketed as a way of creating funds to earn rewards, and never as investments. Megatel will begin issuing the tokens within the coming weeks, Reuters reported.
“We set out to create an open ecosystem for all renters and owners nationwide, one which rewards households for the complete scope of their on a regular basis spending,” mentioned Zach Ipour.
Users who pay lease or mortgage funds with the tokens or customers by way of the MegPrime app, could earn up to 20% again in token rewards. These rewards will be additional redeemed for on a regular basis purchases, from groceries to utility payments, the corporate assertion learn.
Additionally, MegPrime token rewards will be transformed to US {dollars}, it added.
Besides, renters who use tokens are eligible to obtain 100% of their previous 12 months of lease (up to $25,000), towards a future residence buy.
“Since now we have a multi-billion greenback operation constructing properties and we’re concerned in financing the properties, we imagine we can good this mannequin and take it to the following degree, merging actual property exercise with the good thing about digital currencies,” Ipour advised Reuters.
Housing Market Embrace Blockchain Tech
Real property corporations are more and more integrating blockchain expertise into mainstream consumer-based packages.
The US Federal Housing Finance Agency (FHFA) has been exploring the function of crypto holdings in getting a mortgage. FHFA director Bill Pulte, a vocal crypto supporter, said last year that the company is learning the utilization of crypto in qualifying for mortgages.
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