IPrimea subsidiary and subsidiary of the Texas-based Megatel housesis about to launch its digital currency, the MP Token, designed as a rewards platform that renters and homeowners can leverage as a financial path to homeownership.
As an incentive to participate in the MP Token rewards program, the program offers up to $25,000 in down payment assistance and homebuyer assistance to renters who sign up.
MegPrime Holding LLC received a Letter without action from the SEC on Thursday evening, allowing the company to start operating the MP token and MegPrime platform.
Zach Ipour, CEO and co-founder of Megatel Homes, shared The builder’s newspaper that the company plans to launch the new digital currency and updated MegPrime platform in Texas within a few weeks, with a nationwide rollout expected by the end of 2026.
According to Ipour, several thousand people contacted the Megatel team in less than 24 hours to express their interest in using the MegPrime platform and MP Token.
How the MegPrime platform and MP token will work
MegPrime and MP Token users are eligible for a range of rewards. Here are highlights:
- Down payment assistance: Tenants who pay rent through the MegPrime app with MP Tokens can get 100% of their past 12 months’ rent back – up to $25,000 – as a down payment or to cover costs associated with purchasing a home.
- Assistance with rental: Customers can find apartments through MegaPrime affiliate finders, sign a lease and earn a 20% monthly reward by paying rent on the MegaPrime platform using MP tokens.
- Help with mortgage interest deduction: Users can access mortgage rates up to 2.0% below market interest rates when paying in MP Token through the MegPrime app.
- Daily expenses: Users can earn up to 10% back on everyday purchases with the 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 a customer credit card.
Megatel Homes, a developer of multifamily communities and single-family homes, has been using the down payment assistance plan with its own customers since 2019.
“That concept, in addition to increasing our volume, I think helps a lot of home buyers who couldn’t buy their house,” Ipour explains.
According to Ipour, Megatel has spoken to affiliate partners, including homebuilders, who are interested in participating in the MegPrime platform and the MP Token. As a result, down payment assistance will be available for several properties.
“Most importantly, we emphasize that this is not just limited to Megatel Homes. That’s the shocking news. If you buy a Megatel Home or from one of our affiliated qualified builders, you will receive $25,000,” Ipour said, explaining that users can also receive up to $15,000 in rewards for other homes.
The rewards could also be applied to secure lower mortgage rates, something Ipour says applies “purely to non-Megatel homes and to existing homes,” as “sellers of the existing homes are unable to offer the interest rate incentives that homebuilders are currently offering.”
Affiliate builders partnering with MegPrime plan to sacrifice margin in exchange for volume growth, and Megatel plans to drive mass adoption of the platform through incentives, just as credit cards use enhanced reward systems to rapidly grow their user base.
“Us [business plan] is user adoption and creating volume for our ecosystem. We will come up with all these critical incentives that we can to solve the problems of homebuyers, and in return, more people will join our ecosystem,” Ipour said.
The SEC, led by pro-Crypto chairman Paul Atkins, approves the MP Token after several years of work by the Megatel team.
“Over the years that we have been involved in the housing industry, whether it is apartment rentals or single-family homes for sale, we have always dreamed of coming up with a solution that can solve this housing affordability crisis,” Ipour said.
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