Megatel Homes, a Texas-based homebuilder, will launch a cryptocurrency rewards program after receiving approval from the U.S. Securities and Exchange Commission (SEC).

PANews reported on January 16th that, according to Reuters, Texas-based private homebuilder Megagatel Homes LLC announced on Thursday that it will begin issuing a cryptocurrency called "MegPrime" for payments and rewards. This move is an extension of its 2019 rent-to-down-payment program, designed to combine real estate activity with the advantages of digital currency. The company has received a "no action" order from the U.S. Securities and Exchange Commission (SEC), effectively allowing it to proceed with its plans.

The company emphasizes that the token is promoted solely as a means of payment and earning rewards, not as an investment product. Consumers can use the token at regular merchants via digital wallets and payment cards to earn rebates, discounted gift cards, and points redeemable for housing-related benefits. Token holders do not enjoy any rights associated with ownership of securities, such as voting rights or profit distribution rights.