MegPrime clears SEC hurdle to launch MP Token payments platform
US fintech group MegPrime has received regulatory clearance from the Securities and Exchange Commission to launch its MP Token, paving the way for a payments-based crypto platform focused on renters and homeowners.
MegPrime Holding, LLC and Megatel Homes, LLC have received a No-Action Letter from staff at the Securities and Exchange Commission, clearing the way to launch the MP Token, which the companies describe as a universal payments token.
The company said the MP Token will underpin a fintech platform designed to convert everyday spending into real-world value and long-term financial progress, while creating an open ecosystem for renters and homeowners.
MegPrime said the ecosystem will include a BillPay Rewards programme offering up to 20% back in MP Tokens on rent and mortgage payments, with rewards convertible into US dollars. Other features include RentForward, which may allow renters to apply up to 12 months of past rent payments, capped at $25,000, towards a future home purchase.
The platform also includes the MegaLow Rate Program, which the company said may offer eligible users mortgage rates of up to 2 percentage points below market rates when payments are made in MP Token. A MegPrime crypto debit card is also planned, offering up to 10% back on everyday spending, according to the statement.
Aaron Ipour, co-founder of Megatel Homes and MegPrime, said the platform is intended to provide financial support to renters, homeowners and aspiring buyers at a time of high interest rates and housing cost inflation.
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The company said the No-Action Letter was issued by the SEC’s Division of Corporation Finance and confirms, in its view, that the MP Token qualifies as a universal payments token rather than an investment contract or other security. It added that its legal advisers include former SEC staff from Gibson Dunn and Gray Reed.
MegPrime said the MP Token will be sold through a Token Generation Event in the coming weeks and will subsequently be available via the MegPrime app. The company expects the token to appear on third-party cryptocurrency exchanges and said further updates will be shared via its MegPrimePay.com website.
The Recap
- SEC no-action letter clears way for MP Token launch.
- Users may earn up to 20% back on bill payments.
- Token sale planned at a token generation event soon.
