US State of Tennessee is in search of distributors to assist them handle unclaimed crypto

by Cryptospacey

The US state of Tennessee is trying to find a contractor to handle cryptocurrency on its behalf. A request for proposals with a Thursday deadline asks potential suppliers to elucidate to the Tennessee Division of Treasury how they’d deal with digital currencies corresponding to Bitcoin for the state.

In keeping with the RFP, the state at present has no cryptocurrencies and is in search of a vendor to “be ready within the occasion that unclaimed digital forex is remitted to the state’s unclaimed property program.”

The unclaimed property program has over $1.2 billion {dollars} in property and works to reunite homeowners with their funds. The state retains unclaimed money immediately, however securities are held via a vendor. Unclaimed cryptocurrency would likewise be held by the following vendor.

The state intends to announce the profitable applicant on Might 10.

Within the RFP, potential suppliers are requested to supply a value construction based mostly on the corporate’s capability to deal with month-to-month cryptocurrency buying and selling volumes of $500,000 and 50 Bitcoin transfers or withdrawals from an change account every month. In keeping with the RFP, cryptocurrencies would come with, however wouldn’t be restricted to, Bitcoin.

This isn’t the fist time the US state of Tennessee has proven curiosity in cryptocurrencies and Bitcoin. In February, Tennessee regulation maker, Jason Powell proposed a brand new invoice that might enable the state to speculate into cryptocurrencies and non-fungible tokens (NFTs).

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