US State of Tennessee is looking for vendors to help them manage unclaimed crypto 🚨 This article is 3 years old...
US State of Tennessee is looking for vendors to help them manage unclaimed crypto
Tennessee's treasury department is searching for a provider to assist with the management of unclaimed cryptocurrency.
1 min read
Updated: Apr. 23, 2022 at 4:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The US state of Tennessee is searching for a contractor to manage cryptocurrency on its behalf. A request for proposals with a Thursday deadline asks prospective suppliers to explain to the Tennessee Department of Treasury how they would handle virtual currencies such as Bitcoin for the state.
According to the RFP, the state currently has no cryptocurrencies and is looking for a vendor to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.”
The unclaimed property program has over $1.2 billion dollars in assets and works to reunite owners with their funds. The state retains unclaimed cash directly, but securities are held through a vendor. Unclaimed cryptocurrency would likewise be held by the next seller.
The state intends to announce the successful applicant on May 10.
In the RFP, prospective suppliers are requested to provide a price structure based on the company’s capacity to handle monthly cryptocurrency trading volumes of $500,000 and 50 Bitcoin transfers or withdrawals from an exchange account each month. According to the RFP, cryptocurrencies would include, but would not be limited to, Bitcoin.
This isn’t the fist time the US state of Tennessee has shown interest in cryptocurrencies and Bitcoin. In February, Tennessee law maker, Jason Powell proposed a new bill that would allow the state to invest into cryptocurrencies and non-fungible tokens (NFTs).
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
