MegPrime, an affiliate and subsidiary of Texas-based Megatel Properties, is about to launch its digital forex, the MP Token, designed as a rewards platform that renters and owners can faucet into as a monetary path to homeownership.
As an inducement to take part within the rewards MP Token program, this system will provide as much as $25,000 in down cost help and homebuyer help to renters who enroll.
MegPrime Holding LLC obtained a No-Motion Letter from the SEC on Thursday night time, which is able to permit the corporate to start working the MP token and MegPrime platform.
Zach Ipour, CEO and co-founder of Megatel Properties, instructed The Builder’s Each day that the corporate plans to launch the brand new digital forex and up to date MegPrime platform in Texas inside just a few weeks, with a nationwide rollout anticipated by the top of 2026.
In keeping with Ipour, a number of thousand individuals have reached out to the Megatel workforce in lower than 24 hours to precise their curiosity in utilizing the MegPrime platform and MP Token.
How the MegPrime platform and MP token will work
MegPrime and MP Token customers are eligible to obtain an array of rewards. Listed here are highlights:
- Down cost help: Renters who pay hire by way of the MegPrime app with MP Tokens might obtain 100% of their previous 12 months of hire – as much as $25,000 – again as a down cost or to cowl prices related to a house buy.
- Rental help: Clients can find residences by way of MegaPrime affiliate finders, signal a lease, and earn a 20% month-to-month reward by paying hire on the MegaPrime platform utilizing MP tokens.
- Mortgage fee help: Customers might entry mortgage charges as much as 2.0% beneath market charges when paying in MP Token by way of the MegPrime app.
- On a regular basis spending: Customers can earn as much as 10% again on on a regular basis purchases with the MegPrime crypto debit card.
Ipour in contrast the MP Token to Bitcoin or Ethereum, noting that customers should buy it on Coinbase or different crypto exchanges. MegPrime additionally plans to supply a buyer bank card.
Megatel Properties, a developer of multifamily communities and single-family houses, has used the down cost help plan with its personal clients since 2019.
“That idea, in addition to rising our quantity, I imagine that helps fairly just a few house patrons that weren’t capable of buy their house,” Ipour defined.
In keeping with Ipour, Megatel has spoken with affiliate companions, together with homebuilders, who’re fascinated about taking part within the MegPrime platform and the MP Token. Consequently, the down cost help will likely be out there for a wide range of houses.
“Most significantly, we emphasize that this isn’t restricted solely to Megatel Properties. That’s the surprising information. For those who purchase a Megatel Residence or from any of our affiliated, certified builders, you’ll obtain $25,000,” Ipour mentioned, explaining that customers can obtain as much as $15,000 in rewards for different houses as nicely.
The rewards is also utilized to safe a decrease mortgage fee, one thing that Ipour defined is “purely for non-Megatel Properties and for present houses” since “sellers of the present houses aren’t capable of provide the rate of interest incentives that house builders are providing at the moment.”
Affiliate builders who companion with MegPrime plan to sacrifice margin in alternate for quantity progress, and Megatel plans to drive mass adoption of the platform by way of incentives, very similar to bank cards use enhanced reward methods to quickly develop their consumer base.
“Our [business plan] is consumer adoption and creating the quantity for our ecosystem. We’ll give you any of those important incentives that we will to resolve homebuyer points, and in return, we could have extra individuals becoming a member of our ecosystem,” mentioned Ipour.
The SEC, run by pro-Crypto Chairman Paul Atkins, indicators approval of the MP Token after a number of years of labor by the Megatel workforce.
“All through the years that we’ve been concerned with the housing business, whether or not residences leases or single-family houses on the market, we’ve been at all times dreaming about developing with an answer that may clear up this housing affordability disaster,” Ipour mentioned.
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