Megatel Properties, a personal residential developer based mostly in Texas, acquired clearance from the US Securities and Trade Fee (SEC) on January 15 to introduce a brand new crypto rewards system named MegPrime.
The corporate was granted a “no-action” letter that allowed the venture to proceed, supplied it adopted sure pointers.
The MegPrime token is designed to be used with hire and mortgage funds, in addition to a rewards software, moderately than for funding. Megatel goals to launch the token to the general public inside a number of weeks following the announcement.
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With this technique, individuals can spend MegPrime at varied common companies utilizing a digital pockets or fee card. Customers will obtain incentives in tokens, entry discounted reward playing cards, and earn factors redeemable for advantages associated to housing and homeownership.
This digital asset providing builds on a earlier program, launched by Megatel in 2019, that allowed renters to use the equal of a yr’s hire towards the acquisition worth of a house sooner or later.
Renters utilizing MegPrime could also be eligible for a refund of as much as 100% of hire from the final 12 months, with a most advantage of $25,000, meant for a down fee on a home.
As well as, present owners may entry mortgage charges as a lot as 2% beneath widespread market charges, which might translate to appreciable financial savings over the time period of the mortgage.
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