(I'm the developer behind Arq) With Arq you keep control of your stuff because it's encrypted before it leaves your computer. With Backblaze you can choose your own encryption key, but to restore your files you have to give them your key; they decrypt your files and leave them (unencrypted!) on their servers for you to download, which I think makes choosing your own encryption key pointless.
https://news.ycombinator.com/item?id=8169040
https://www.backblaze.com/backup-encryption.html