MegPrimesubsidiary and Texas-based site Houses in Megatelis set to launch its own digital currency, the MP Token, designed as a rewards platform that renters and homeowners can tap into as a financing option for homeownership.
As an incentive to participate in the MP Token rewards program, the program will offer up to $25,000 in down payment assistance and home buyer assistance to tenants who sign up.
MegPrime Holding LLC received a No-Action Letter from the SEC on Thursday night, which will allow the company to start using the MP token and the MegPrime platform.
Zach Ipour, CEO and founder of Megatel Homes, said Builder’s Day that the company plans to launch the new digital currency and the updated MegPrime platform in Texas within 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 MegPrime platform and MP token will work
MegPrime and MP Token users are eligible for multiple rewards. Here are the highlights:
- Down payment assistance: Tenants who pay rent through the MegPrime app with MP Tokens can get 100% of their 12 months’ rent – up to $25,000 – back as a down payment or to cover expenses related to buying a home.
- Hiring assistance: Customers can find apartments through MegaPrime compatible finders, sign a lease, and earn a 20% monthly reward for paying rent on the MegaPrime platform using MP tokens.
- Loan estimate help: Users can access loan rates up to 2.0% below market rates when paying with MP Token through the MegPrime app.
- Daily income: Users can get up to 10% cashback on daily purchases with MegPrime crypto debit card.
Ipour compared the MP Token to Bitcoin or Ethereum, noting that users can buy it on Coinbase or other crypto exchanges. MegPrime also plans to offer the customer a credit card.
Megatel Homes, a developer of multi-family communities and single-family homes, has implemented a down payment assistance program with its customers since 2019.
“That concept, along with increasing our capacity, I believe that helps a few home buyers who can’t afford their homes,” explained Ipour.
According to Ipour, Megatel has spoken with partners, including real estate developers, who are interested in participating in the MegPrime platform and MP Token. As a result, down payment assistance will be available to a variety of households.
“Most importantly, we emphasize that this is not limited to Megatel Homes. This is shocking news. If you buy a Megatel Home or from any of our partner, qualified builders, you will receive $25,000,” said Ipour, explaining that users can receive prizes of up to $15,000 for other homes.
Rewards can also be used to get a lower loan amount, something Ipour explained as “only for non-Megatel homes and existing homes” since “existing home sellers cannot offer the lucrative interest that home builders are currently offering.”
Co-builders partnering with MegPrime plan to sacrifice margins in exchange for increased volume, and Megatel plans to drive mass adoption of the platform with incentives, such as credit cards that use advanced reward systems to quickly grow the user base.
“Ours [business plan] user acquisition and creating capacity for our ecosystem. We will come up with any of these key incentives that we can solve the problems of the home buyer, and as a result, we will have more people joining our ecosystem,” said Ipour.
The SEC, led by Crypto Chairman Paul Atkins, shows the approval of MP Token after several years of work by the Megatel group.
Throughout the years we have been involved in the real estate industry, whether it is rental housing or single-family homes for sale, we have always dreamed of coming up with a solution that would solve the problem of housing affordability,” said Ipour.
