Tennessee Prepares To Hold Crypto As It Seeks A Vendor For Digital Assets

Tennessee has begun seeking for a contractor to manage its cryptocurrency holdings. he Tennessee Department of Treasury has released a request for proposals (RFP) to detail how the custodian would handle the state’s crypto assets, such as Bitcoin (BTC).

The state of Tennessee currently holds no digital assets and seeks to prepare itself “in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program,” according to RFP #30901-49622, or the “Request for Proposals for safekeeping and servicing of unclaimed securities and virtual currency.”

Indeed, the state’s unclaimed property totals over $1 billion, and the unclaimed property program’s task is to identify and return the money to their legitimate owners or heirs. Any unclaimed digital currencies would have to be held by the chosen custodian.

Companies must “provide a narrative that illustrates the Respondent’s experience dealing directly with Unclaimed Securities and virtual currency” or “understand how Unclaimed Securities and virtual currency are unique to the custody services and how the Respondent will be able to fulfill those services” as part of their applications.

Furthermore, for other types of cryptocurrencies, including but not limited to Bitcoin, organizations must provide “a detailed explanation of the technology, services, and processes they will use.”

Furthermore, organizations are requested to offer a pricing structure based on their capacity to handle a monthly cryptocurrency trading volume of $500,000 in crypto and 50 Bitcoin transfers or withdrawals from an exchange.

The date for notifying the winning vendor is tentatively set for May 10.

It’s also worth noting that Tennessee was a forerunner in introducing Bitcoin into the public. Its city of Jackson was the first in the country to introduce the flagship digital asset as a payroll option for its employees.

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Patrick

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