The Northwest Arkansas Council is launching a cryptocurrency incentive program seeking to attract professionals that want to work remotely. The program is targeting entrepreneurs and professionals in the tech sector.
The council comprises business leaders in the region, and according to its president and CEO, Nelson Peacock, the incentive seeks to aid the region to attract more talent in the tech industry.
A $10K worth of Bitcoin incentive
The council is offering an incentive of $10,000 worth of Bitcoin. Additionally, the council will also offer a bicycle or provide membership to facilities in the arts and cultural areas. The program is known as “Bitcoin and a Bike”, targeting professionals working in the blockchain sector.
Individuals who qualify for this program need to be willing to live in Northwest Arkansas for at least one year. Peacock noted that the region was one of the rapidly growing in the US, and it has been recording a boom in the tech industry.
“This expanded incentive offer 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.”
Northwest Arkansas is a major hub for Walmart. The Walton Family Foundation will be contributing to this program. The founder of Walmart, Sam Walton, is a founding member of the council.
Northwest Arkansas becoming a tech hub
Various reports have stated that Northwest Arkansas is one of the leading tech hubs in the US. The region is now almost at the same level of tech growth as Austin in Texas. The number of companies in the city has increased significantly over the past year, but this has also increased rent and housing costs.
The influx of businesses in the region has created ample employment opportunities, and the recent announcement by the council could be to fill this gap.
Furthermore, this is not the first US city to offer incentives to attract remote workers. The objective of these incentives is to promote local economies. The Bitcoin and Bike program is part of the Life Works Here initiative launched in November 2020.
Tulsa in Oklahoma was among the first cities to offer incentives by giving $10,000to the individuals willing to move. Other areas such as Alabama, Connecticut, Kansas, Vermont and West Virginia have launched similar initiatives.
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