(Bloomberg) -- Cryptocurrency conglomerate Digital Currency Group Inc. and subsidiaries including digital asset manager Grayscale Investments LLC will relocate from New York City to Stamford, Connecticut, as cities compete for blockchain firms.

DCG is expected to create more than 300 new jobs in the state over the next five years, according to a statement from the office of Connecticut Governor Ned Lamont. The Connecticut Department of Economic and Community Development is backing the transition with a grant in arrears of up to $5.01 million.

“It quickly became clear that Connecticut had everything we were looking for in a new headquarters,” DCG Chief Executive Officer Barry Silbert said in the statement. “Its proximity to major metropolitan areas combined with its infrastructure, talent, business-friendly environment, and world-class facilities to house our rapidly-growing organization 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.”

Related: Crypto Jobs Span U.S. as Hubs Spring Up From Miami to Denver  

DCG is a major player in the crypto space, with a recent $700 million secondary equity transaction led by SoftBank Group Corp. valuing it at $10 billion. Winning a firm of that size and prominence in the crypto space represents a coup for Stamford and Connecticut more broadly as different locales vie to become the de facto hub for crypto and blockchain companies in the U.S. 

Miami has emerged as a front-runner for that title, and even has its own digital token -- though it has competitors. Incoming New York City Mayor Eric Adams said in a tweet earlier this month that the city would become “the center of the cryptocurrency industry.”

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