Empire State Development said Wednesday that Coinbase, a leading cryptocurrency platform and blockchain technology company, will significantly expand its research and development operations in New York City, creating more than 630 new high-tech R&D jobs and bringing the company’s total New York workforce to more than 1,000 employees over the next several years. As part of its expansion, the company has leased 67,000 square feet at SL Green Realty Corp.’s One Madison Ave. and will spend $30 million to upgrade the space.

The expansion marks the New York operation becoming Coinbase’s East Coast hub for R&D and institutional and regulatory initiatives. The company plans to invest more than $750 million in annual R&D spending and will be supported by a $5-million performance-based Excelsior Tax Credit from Empire State Development.

“New York is where next-generation financial and technology companies come to build, scale and lead,” said ESD president, CEO and Commissioner Hope Knight. “Coinbase’s decision to expand its East Coast R&D hub here is a powerful vote of confidence in New York City’s talent, infrastructure and competitive business environment.”