The Northwest Arkansas Council has announced that it will begin giving $10,000 in Bitcoin to tech experts and entrepreneurs interested in relocating to the area.
This is part of the “Bitcoin and a Bike” incentive scheme, which aims to develop the region’s tech sector.
Northwest Arkansas is the first location in the US to provide cryptocurrency incentives to anyone wishing to relocate. This year, the Central American state has significant goals, the majority of which are centred on expanding its burgeoning blockchain sector.
According to Nelson Peacock, president and CEO of the Northwest Arkansas Council, the region’s IT industry is on the rise, and the endeavour is intended to lure new talent to the rapidly rising state.
“Northwest Arkansas is one of the fastest-growing regions in the country, and we’re now seeing more explosive growth in our tech sector,” he said in a press release. “This expanded incentive offer—Bitcoin and a Bike—not only embraces the growing trend toward the use of cryptocurrency as a payment option by employers but also helps increase our pipeline of talent to benefit tech employers, startups, cities, local businesses and the region overall.”
And the state isn’t just searching for blockchain professionals; the incentive is open to a diverse pool of applicants looking to relocate. If accepted, applicants will receive $10,000 in BTC and a bike to use on the region’s bicycling paths.
The programme is part of the larger Life Works Here campaign, which seeks to recruit talent to the region. Since its inception in November 2020, the campaign has received over 35,000 applications from people willing to relocate to Northwest Arkansas in more than 115 countries and 50 American states.
The Blockchain Center of Excellence at the University of Arkansas is located in the region, and it is one of only a few blockchain-focused academic hubs in the United States.
“We’re excited to see our region leading the way with Bitcoin and a Bike to not only bring in new talent but also generate interest in the important blockchain-focused work taking place in our region,” stated Mary Lacity, director of the University of Arkansas’ Blockchain Center of Excellence.
Steuart Walton and Tom Walton, the grandchildren of Walmart’s founder, supported the idea. Walmart is the world’s largest corporation, with headquarters in Arkansas.