Electronic store

Tennessee prepares to store cryptocurrency as it seeks digital asset provider

The Tennessee Department of Treasury issued a request for proposals (RFP) to detail how the state’s crypto assets, such as Bitcoin, would be managed by the custodian. After finding the unclaimed property, the state’s unclaimed property department seeks to return the funds to their rightful owners or heirs.

Tennessee has released an RFP (Request for Proposals for Custody and Servicing of Unclaimed Securities and Virtual Currency). The state’s unclaimed real estate assets exceed $1 billion. Tennessee was a forerunner in introducing Bitcoin to the public.

Image source: Coincu News

US State of Tennessee Plans to Store Cryptocurrencies While Seeking a Digital Asset Provider

Governments around the world are looking for ways to control and integrate the new asset class into their operations. One of them is the management of Tennessee, which initiated the search for a contractor to hold cryptocurrencies on its behalf.

The Tennessee Department of Treasury issued a request for proposals (RFP) on April 21 to outline how the custodian will manage state crypto assets such as Bitcoin (BTC).

Solicitation No. 30901-49622, or the “Request for Proposals for Custody and Servicing of Unclaimed Securities and Virtual Currency,” specifically states that the State of Tennessee does not currently hold any digital assets and wishes to be prepared “in the event that unclaimed virtual currency is turned over to the state’s unclaimed property program.”

Indeed, the state’s unclaimed real estate assets total over $1 billion, and the goal of the unclaimed property program is to return the funds to their rightful owners or heirs if they can be found.

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

Companies are asked to provide a pricing structure based on their ability to handle a monthly cryptocurrency trading volume of $500,000 in crypto and 50 transfers or withdrawals of Bitcoin from an exchange each month.

The tentative date for announcing the winning vendor is May 10. It should also be noted that Tennessee was a pioneer in terms of bringing Bitcoin into the mainstream.

If you find this article informative, don’t forget to share it with your friends and family! Let us know what you think of the article in the comments section below.

Also read: Ukraine Bans Residents From Buying Digital Assets Using Local Currency