Crypto: Us Housebuilder To Launch Crypto Rewards After Sec ‘no-action’ Letter
Megatel Homes says it’s launching a program where renters could receive rewards for paying their rent using a crypto token.
US homebuilder Megatel Homes is set to launch a crypto rewards platform after receiving a Securities and Exchange Commission “no-action” letter.
Megatel said on Thursday that the platform, dubbed MegPrime, would give users rewards for using “MP Tokens,” such as using them to pay their rent to earn back tokens that can be used for “everyday purchases” or converted to US dollars.
It came after the SEC allowed MegPrime to go ahead with its plans in its letter on Thursday, recommending 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.”
Aaron Ipour, co-founder of Megatel Homes and MegPrime, added that “as the housing market continues to grapple with unsustainable interest rates and price inflation, MegPrime provides a real financial lifeline to renters, homeowners, and aspiring homebuyers.”
Crypto cashback, while promoted as a new idea in housing, has already been offered through credit cards for several years.
The platform has made bold promises for renters, however, claiming that renters 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.”
Recent data shows that around 32% of people the US live in rental housing.
Related: Nexo to pay $500K fine to California regulator over ‘risky loans’
Source: CoinTelegraph
