The Northwest Arkansas Commission, made up of business leaders aiming to advance the region, has announced a crypto incentive program to attract tech professionals and entrepreneurs willing to work remotely.

In Wednesday’s announcement, Council President and CEO Nelson Peacock Say The region will seek to expand its talent pool in the tech industry by offering $10,000 in Bitcoin (bitcoin) — about 0.23 BTC, at a current price of $43,610 — excluding memberships for bikes or arts and cultural facilities. The “Bitcoin and Bicycles” initiative is the next phase of the region’s Life Works Here initiative, specifically targeting professionals in blockchain-related fields. The program will provide cryptocurrency incentives to eligible individuals willing to reside in Northwest Arkansas for at least a year — presumably near cities like Fayetteville, Springdale, Rogers, and Bentonville.

“Northwest Arkansas is one of the fastest-growing regions in the country, and we’re now seeing even more explosive growth in our tech industry,” Peacock said.

“This expanded incentive […] Not only will it support the growing trend of employers using cryptocurrencies as payment options, but it will also help increase our pipeline of talent, benefiting tech employers, startups, cities, local businesses and the region as a whole. ”

Requirements for applicants include Ability to work remotely, move to the area within six months of acceptance, and have two years of experience in their current role in the tech industry. Northwest Arkansas is already home to big-box retailer Walmart’s Bentonville headquarters — the Walton Family Foundation is contributing to bitcoin and bike projects, and Walmart founder Sam Walton is a founding member of the committee — — and the University of Arkansas’ Blockchain Center of Excellence, which provides education in blockchain technology.

“The next generation of talent is critical to further transforming our region into a hub for emerging technology innovators and businesses,” said Mary Lacity, director of the Blockchain Center of Excellence.

Many reports seem to touted Northwest Arkansas as an alternative Evolving Technology Center In the U.S., such as Austin, Texas — while the number of businesses in the city has grown significantly last year, growing interest has caused rent and housing costs to soar.It may be too early to observe an exodus from the Midwest state, but companies including electric car maker Canoo have already Announce There are plans to set up headquarters in the northwest region of the state.

related: Walmart seeks crypto lead to boost digital currency strategy

Before and during the pandemic, many mid-sized U.S. cities offered similar programs, with cash incentives for transplanting remote work, in what appeared to be a boost to the local economy. NWA Council launched Life Works Here initiative in November 2020, but Tulsa, Oklahoma is the first supply Beginning in 2018, certain individuals needed $10,000 to move, followed by areas in West Virginia, Kansas, Vermont, Connecticut and Alabama.

Disclosure: The reporter applied for the Bitcoin and bicycle program.