MegPrime, an affiliate and subsidiary of Texas-based Megatel Homes, is set to launch its digital currency, the MP Token, designed as a rewards platform that renters and homeowners can tap into as a financial path to homeownership.
As an inducement to participate in the rewards MP Token program, the program will offer up to $25,000 in down payment assistance and homebuyer assistance to renters who sign up.
MegPrime Holding LLC received a No-Action Letter from the SEC on Thursday night, which will allow the company to begin operating the MP token and MegPrime platform.
Zach Ipour, CEO and co-founder of Megatel Homes, told The Builder’s Daily that the company plans to launch the new digital currency and updated MegPrime platform in Texas within a few weeks, with a nationwide rollout expected by the end of 2026.
According to Ipour, several thousand people have reached out to the Megatel team in less than 24 hours to express their interest in using the MegPrime platform and MP Token.
How the MegPrime platform and MP token will work
MegPrime and MP Token users are eligible to receive an array of rewards. Here are highlights:
- Down payment assistance: Renters who pay rent through the MegPrime app with MP Tokens could receive 100% of their past 12 months of rent – up to $25,000 – back as a down payment or to cover costs associated with a home purchase.
- Rental assistance: Customers can locate apartments through MegaPrime affiliate finders, sign a lease, and earn a 20% monthly reward by paying rent on the MegaPrime platform using MP tokens.
- Mortgage rate assistance: Users may access mortgage rates up to 2.0% below market rates when paying in MP Token through the MegPrime app.
- Everyday spending: Users can earn up to 10% back on everyday purchases with the MegPrime crypto debit card.
Ipour compared the MP Token to Bitcoin or Ethereum, noting that users can purchase it on Coinbase or other crypto exchanges. MegPrime also plans to offer a customer credit card.
Megatel Homes, a developer of multifamily communities and single-family homes, has used the down payment assistance plan with its own customers since 2019.
“That concept, as well as increasing our volume, I believe that helps quite a few home buyers that were not able to purchase their home,” Ipour explained.
According to Ipour, Megatel has spoken with affiliate partners, including homebuilders, who are interested in participating in the MegPrime platform and the MP Token. As a result, the down payment assistance will be available for a variety of homes.
“Most importantly, we emphasize that this is not limited only to Megatel Homes. That’s the shocking news. If you buy a Megatel Home or from any of our affiliated, qualified builders, you will receive $25,000,” Ipour said, explaining that users can receive up to $15,000 in rewards for other homes as well.
The rewards could also be applied to secure a lower mortgage rate, something that Ipour explained is “purely for non-Megatel Homes and for existing homes” since “sellers of the existing homes are not able to offer the interest rate incentives that home builders are offering currently.”
Affiliate builders who partner with MegPrime plan to sacrifice margin in exchange for volume growth, and Megatel plans to drive mass adoption of the platform through incentives, much like credit cards use enhanced reward systems to rapidly grow their user base.
“Our [business plan] is user adoption and creating the volume for our ecosystem. We will come up with any of these critical incentives that we can to solve homebuyer issues, and in return, we will have more people joining our ecosystem,” said Ipour.
The SEC, run by pro-Crypto Chairman Paul Atkins, signals approval of the MP Token after several years of work by the Megatel team.
“Throughout the years that we’ve been involved with the housing industry, whether apartments rentals or single-family homes for sale, we’ve been always dreaming about coming up with a solution that can solve this housing affordability crisis,” Ipour said.
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