The coastal city of Virginia Beach, in south eastern Virginia, has issued a grant of $500,000 to a venture capital company to assist in setting up a new bitcoin mine. The Virginia Beach Economic Development Authority posted an announcement on January 16th, that it was making the half a million grant to Bcause LLC, who are \"developing the world\'s first full-stack cryptocurrency ecosystem.\"

The Authority says the venture will help to generate as many as 100 jobs in the Virginia Beach area. Bcause LLC have transferred their corporate headquarters to the city, and say that the company and its investors will be funding the project with an investment of almost $65m. According to a related article in The Virginian-Pilot, the mining facility is still under construction, but it might be ready to open later this month. As well as the digital mining facility, Bcause intend the project to include a spot market, and other financial services such as a clearing house and a derivatives exchange, once clearances have been secured with America\'s Commodity Futures Trading Commission.

Bcause\'s wish is to become the only place serving as a \"one-stop shop\" for anything connected to the value chain of digital currencies. This grant demonstrates a notable convergence of the cryptocurrency ecosystem and public sector efforts in increasing jobs.