Tennessee is preparing to store cryptocurrency as it seeks a vendor for digital assets

The Tennessee Department of Treasury has published a request for proposals (RFP) to detail how the state’s crypto assets, such as Bitcoin, would be handled 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 the Safekeeping and Servicing of Unclaimed Securities and Virtual Currency). The state’s unclaimed property assets exceed $1 billion. Tennessee has been a forerunner in bringing Bitcoin to the public.

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

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

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

The RFP #30901-49622, or the ‘Request for Proposals for Safekeeping and Servicing of Unclaimed Securities and Virtual Currency,’ states specifically that the state of Tennessee currently holds no digital assets and wishes to be prepared “in the event that unclaimed virtual currency is remitted to the state’s unclaimed property programme.”

Indeed, the state’s unclaimed property assets number more than $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 “complete explanation of the technology, services, and processes they will use” for all types of cryptocurrencies, including but not limited to Bitcoin.

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

The tentative date for announcing the winning vendor is May 10. It is also worth noting that Tennessee has been a trailblazer in terms of introducing Bitcoin into the mainstream.

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