Tennessee’s treasury department is looking for a supplier to help with the management of unclaimed cryptocurrency.
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Updated: April 23, 2022 at 4: 27 am
Cover art/illustration through CryptoSlate
The United States state of Tennessee is looking for a professional to handle cryptocurrency on its behalf. An ask for propositions with a Thursday due date asks potential providers to describe to the Tennessee Department of Treasury how they would manage virtual currencies such as Bitcoin for the state.
According to the RFP, the state presently has no cryptocurrencies and is trying to find a supplier to “be prepared on the occasion that unclaimed virtual currency is remitted to the state’s unclaimed residential or commercial property program.”
The unclaimed residential or commercial property program has more than $1.2 billion dollars in possessions and works to reunite owners with their funds. The state maintains unclaimed money straight, however securities are held through a supplier. Unclaimed cryptocurrency would similarly be held by the next seller.
The state plans to reveal the effective candidate on May 10.
In the RFP, potential providers are asked for to offer a cost structure based upon the business’s capability to manage month-to-month cryptocurrency trading volumes of $500,000 and 50 Bitcoin transfers or withdrawals from an exchange account monthly. According to the RFP, cryptocurrencies would consist of, however would not be restricted to, Bitcoin.
This isn’t the fist time the United States state of Tennessee has actually revealed interest in cryptocurrencies and Bitcoin. In February, Tennessee law maker, Jason Powell proposed a brand-new costs that would permit the state to invest into cryptocurrencies and non-fungible tokens (NFTs).
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