Crypto rewards eye renters who want to save for a down payment

"MegPrime received a No-Action Letter from the SEC in January, which granted the company permission to begin operating the MP token and MegPrime platform. Since then, over 10,000 people have reached out to express their interest in using the MegPrime platform. For renters, the MegPrime platform offers users the opportunity to earn money back every month on their rent payments. Anybody can receive 2% of their rent payments back a month on any property as long as those payments are made using the MP token."

"Users who pay rent through the MegPrime app can receive hundreds of dollars a month back in rewards in the form of MegPrime tokens (MP tokens), MegPrime's new cryptocurrency. The crypto rewards program will roll out nationally. However, the rewards get higher for renters living in max rewards properties. These are rental communities, primarily multifamily, that have entered into an agreement with MegPrime."

"Landlords that partner with MegPrime agree to have their vacant units advertised on the MegPrime platform, and in exchange, offer monthly rental incentives on three tiers 10%, 15% and 20%. For renters paying $1,500 a month in rent, that amounts to $150 to $300 in rewards per month. Roughly 200,000 units are already part of MegPrime's max rewards properties program."

"Ipour says the MegPrime team has national ambitions for its program, but the max rewards units are predominantly located in the Sun Belt and Mountain West as of now, with Texas, Florida and Colorado accounting for most of that concentration. The source of the reward is fully funde"

MegPrime, a Texas-based housing affiliate, launched a crypto rent-payment rewards program that lets renters save for a down payment. Rent payments made through the MegPrime app using MP tokens can generate hundreds of dollars per month in rewards. The program received an SEC No-Action Letter in January, allowing operation of the MP token and MegPrime platform. Renters can receive 2% of monthly rent back on any property when paying with MP tokens, with higher rewards for residents in max rewards properties. Landlords partner by advertising vacant units on the platform and offering rental incentives in three tiers: 10%, 15%, and 20%. About 200,000 units are included in max rewards properties, concentrated mainly in the Sun Belt and Mountain West.

Read at www.housingwire.com