Megatel Houses, a privately held house builder within the US, has introduced the launch of a crypto funds and rewards token dubbed “MegPrime.”

The announcement got here after the Dallas-based Megatel obtained a “no-action” letter from the Securities and Alternate ‌Fee, 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 Houses, acknowledged that the token marks the corporate’s first entry into the digital belongings area.

Megatel Token to Earn Rewards, Not as Funding

The corporate made it clear that MegPrime tokens will solely be marketed as a method of constructing funds to earn rewards, and never as investments. Megatel will begin issuing the tokens within the coming weeks, Reuters reported.

“We got down 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.

Customers who pay hire or mortgage funds with the tokens or customers by the MegPrime app, might earn as much as 20% again in token rewards. These rewards may be additional redeemed for on a regular basis purchases, from groceries to utility payments, the corporate assertion learn.

Moreover, MegPrime token rewards may be transformed to US {dollars}, it added.

In addition to, renters who use tokens are eligible to obtain 100% of their previous 12 months of hire (as much as $25,000), towards a future house buy.

“Since now we have a multi-billion greenback operation constructing houses and we’re concerned in financing the houses, we consider we ‍can excellent this mannequin and take it to the subsequent degree, merging actual property exercise with the advantage of digital currencies,” Ipour advised Reuters.

Housing Market Embrace Blockchain Tech

Actual property corporations are more and more integrating ‌blockchain expertise into mainstream consumer-based packages.

The US Federal Housing Finance Company (FHFA) has been exploring the function of crypto holdings in getting a mortgage. FHFA director Invoice Pulte, a vocal crypto supporter, mentioned final yr that the company is finding out the utilization of crypto in qualifying for mortgages.

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