Tennessee Scouts for Cryptocurrency Custodial Service Provider
There is an RFP (Request for Proposals) from the Tennessee Department of Treasury seeking a custodian to manage the state’s crypto assets, such as Bitcoin. As soon as a piece of unclaimed property is located, the state’s unclaimed property agency sets on reuniting the owners or heirs with their money.
Tennesse has issued a Request for Proposal (Request for Proposals for the Safekeeping and Servicing of Unclaimed Securities and Virtual Currency). More than $1 billion in state-owned property is awaiting restitution to its rightful owners. The state of Tennessee was a pioneer in making Bitcoin available to the general population.
Many countries are looking exploring methods to govern and integrate this new asset class into their own processes. Another is the leadership of Tennessee, which has started looking for a contractor to store cryptocurrency on their behalf.
A request for proposals (RFP) was issued by the Tennessee Department of Treasury on April 21 to detail how the custodian would manage crypto assets like Bitcoin for the state (BTC). As stated in the RFP #30901-49622, or the ‘Request For Proposals for Safekeeping and Servicing of Unclaimed Securities and Virtual Currency,’ Tennessee has no digital assets and wants to be ready in the event that “the state’s unclaimed property program receives unclaimed virtual currency.”
It is true that the state’s unclaimed property assets total over $1 billion, and the program’s purpose is to restore the cash to their legitimate owners or descendants if they can be discovered. All cryptos, notably Bitcoin, must include a “thorough description of the technology, services, and mechanisms they will utilize,” according to the law.
An estimated $500,000 in monthly bitcoin trading activity and 50 Bitcoin transfers or withdrawals from an exchange every month are the minimum requirements for firms to submit a pricing system. It is expected that the winning vendor will be announced on May 10. Moreover, Tennessee has been a forerunner in bringing Bitcoin to the general public’s attention.