Block.one, a blockchain software developer backed by PayPal co-founder Peter Thiel, will invest $10 million to establish its U.S. headquarters in Arlington County.
The project is expected to create 170 new jobs in three years. It adds to the company's other Virginia office in Blacksburg, which has about 80 employees and will continue operating.
Block.one makes the EOSIO blockchain software, which is designed for developers and companies to create secure and transparent digital infrastructure. It's powered by the startup's cryptocurrency, EOS, which has reached a $3.1 billion market cap.
"The region boasts a rich combination of security, engineering and IT skills that we seek, and its proximity to the nation’s capital positions us close to the policy innovation around digital assets and distributed ledger technology in the U.S,” CEO Brendan Blumer said in a statement. “This expansion opens up important new avenues of talent expansions for us at a time when there is rapidly increasing demand for blockchain-based technologies.”
The Virginia Economic Development Partnership worked with Arlington County to secure the headquarters for Virginia, which competed with D.C. for the new location. The county received a $600,000 grant from the Commonwealth's Opportunity Fund to assist with the project.
The Blacksburg office is Block.one’s largest current American presence, with 30,000 square feet at the Virginia Tech Corporate Research Center. It has capacity for as many as 200 employees. The company has other locations in Hong Kong and Los Angeles.
“Block.one maintains a strong presence at its Blacksburg operation, and we are thrilled that this global company will expand its footprint in Virginia by locating its U.S. headquarters in Arlington County,” Virginia Gov. Ralph Northam said in a statement. “Blockchain and other technologies are rapidly evolving, and industry pioneers like Block.one help to bolster the commonwealth’s reputation as a leader in the information technology sector."
Block.one plans to add roles in engineering and IT, cybersecurity, product development and marketing in the new Northern Virginia office. Its website lists 44 open positions in Blacksburg and 19 in Arlington as of Tuesday.
