NEW YORK, Jan 15 (Reuters) – Privately held Texas homebuilder Megatel Homes LLC said on Thursday it will start issuing a crypto payments and \u200brewards token.<\/p>\n
The announcement came after the Securities and Exchange \u200cCommission sent Dallas-based Megatel a “no-action” letter late Thursday, effectively allowing the company to go ahead.<\/p>\n
Sign up here.<\/a><\/p>\n The “MegPrime” token is Megatel’s first foray into digital assets, said Megatel Chief Executive Officer Zach Ipour.<\/p>\n Traditional companies are increasingly integrating \u200cblockchain technology into mainstream consumer programs. President Donald Trump’s \u200bcrypto-friendly SEC has also made companies more comfortable venturing into the sector.<\/p>\n The MegPrime tokens, which the company will start issuing in coming \u200dweeks, will be marketed solely as a means of making payments and earning rewards \u2013 and not as investments, the company said.<\/p>\n Consumers will be able to \u2060spend the token with regular merchants via a digital wallet and \u200dpayment card. In return, they can earn rebates, paid in additional MegPrime tokens, \u200cdiscounted \u200cgift cards and points that can be redeemed for housing-related benefits, the company said.<\/p>\n The token is an extension of the company’s 2019 program that gave renters an amount equal to their past year’s \u2060rent for use \u2060as equity \u200bfor a home purchase, Ipour said.<\/p>\n “Since we have a multi-billion dollar operation building homes and we are involved in financing the homes, we believe we \u200dcan perfect this model and take it to the next level, merging real estate activity with the benefit of digital currencies,” Ipour told Reuters in \u200ba phone interview.<\/p>\n Token holders have no rights \u200dassociated with security ownership, such as voting rights or the right to receive profit \u200bdistributions.<\/p>\n Reporting by Gertrude Chavez-Dreyfuss; Editing by Michelle Price and Cynthia Osterman<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n