U.S. State, Tennessee is planning to store cryptocurrencies while looking for a digital asset provider

U.S. State, Tennessee is planning to store cryptocurrencies while looking for a digital asset provider
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ECONOMY

U.S. State, Tennessee is planning to store cryptocurrencies while looking for a digital asset provider

The Tennessee Department of Treasury has issued a request for proposals (RFP) outlining how the custodian will handle the state's crypto assets.

04/25/2022

The Tennessee Department of Treasury has issued a request for proposals (RFP) outlining how the custodian will handle the state’s crypto assets, such as Bitcoin. When they discover an unclaimed property, the state’s unclaimed property department works to return the funds to their rightful owners or heirs.

Tennessee requested proposals (Request for Proposals for the Safekeeping and also Servicing of Unclaimed Securities and Virtual Currency). The total value of the state’s unclaimed property assets exceeds $1 billion. Tennessee has been a leader in introducing Bitcoin to the general population.

Tennessee is planning to store cryptocurrencies

Governments are investigating methods to control and also integrate the novel asset class into their operations, according to a report. Tennessee’s leadership is one of them, and it has begun the search for a contractor to hold cryptocurrency on its behalf.

On April 21, the Tennessee Department of Treasury issued a request for proposals (RFP) outlining how the custodian will handle the state’s crypto assets, such as Bitcoin (BTC).

Unclaimed Property Program

Indeed, the state’s unclaimed property assets exceed $1 billion, and also the program’s mission is to return the cash to their rightful owners or heirs if they can be discovered.

For all sorts of cryptocurrencies, including but not limited to Bitcoin, companies must provide a “full explanation of the technology, services, and processes they will use.”

In addition, firms are required to propose a price structure based on their capacity to manage a monthly cryptocurrency trading volume of $500,000 in crypto and 50 Bitcoin transfers or withdrawals from an exchange each month.

The date for announcing the winning vendor is tentatively set for May 10. It’s also worth noting that Tennessee has been a pioneer in bringing Bitcoin into the mainstream.

By Elah Mae Ariate Wozinga Staff

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