Bitcoin and blockchain investor Digital Currency Group (DCG) will be relocating its headquarters from New York City to Stamford, Connecticut.
The office of the Governor of Connecticut Ned Lamont announced that the move is expected to create over 300 jobs in the state over the next five years.
Along with the 2015-founded DCG, a few of its seven wholly owned subsidiaries will also be relocating their headquarters.
These include Grayscale Investments, a digital currency asset manager with over US$50 billion in assets under management, institutional trading platform TradeBlock, DCG Real Estate, and DCG’s new wealth management business HQ.
DCG and its four subsidiaries are expected to move into its new headquarters at Shippan Landing complex in Stamford by late 2022.
The space was leased earlier this year and is currently being renovated.
The Connecticut Department of Economic and Community Development (DECD) is providing the company with a grant in arrears up to US$5,011,800, contingent on the company creating and retaining over 300 new full-time jobs.
“Cryptocurrencies like bitcoin are the new frontier for financial investing, and DCG is at the forefront of this burgeoning sector.
Connecticut is a great fit for dynamic investment firms like DCG that are disrupting the marketplace and showing great growth potential over the long-term,”
DECD Commissioner David Lehman and Peter Denious, President and CEO of the nonprofit organisation AdvanceCT, said.
DCG has invested in over 200 blockchain companies, including media, research, and events platform CoinDesk, lending and brokerage firm Genesis, digital asset financing and advisory company Foundry, and digital asset exchange Luno.
Earlier this month, the company announced that new investments had raised its valuation to US$10 billion. It also raised a debt capital facility of up to US$600 million this month.
“It quickly became clear that Connecticut had everything we were looking for in a new headquarters. Its proximity to major metropolitan areas combined with its infrastructure, talent, business-friendly environment, and world-class facilities to house our rapidly growing organisation made it an easy choice. We are committed to making our new home in Stamford a hub for the next generation of fintech and blockchain entrepreneurs,”
Founder and CEO Barry Silbert said.
This article first appeared on Fintech News Switzerland.
Featured image: Unsplash (edited)