Tennessee Seeks a Vendor for Digital Assets as Prepares to Hold Crypto

von Eva Fox April 23, 2022

Tennessee Seeks a Vendor for Digital Assets as Prepares to Hold Crypto

The leadership of the US state of Tennessee began searching for a contractor who would hold cryptocurrencies on its behalf. The preliminary date for the announcement of the winner is May 10.

Cryptocurrencies are becoming more and more popular as an alternative to traditional forms of payment, so governments around the world are starting to explore ways to take control of the new asset class and make them part of their operations. The leadership of the US state of Tennessee began searching for a contractor who would hold cryptocurrencies on its behalf.

The Tennessee Department of Treasury has issued a request for proposals (RFP) to describe how the custodian would handle the state’s crypto assets such as Bitcoin (BTC). RFP #30901-49622, or the “Request for Proposals for safekeeping and servicing of unclaimed securities and virtual currency,” states that the State of Tennessee does not currently own digital assets, but is seeking to prepare “in the event that unclaimed virtual currency is remitted to the state's unclaimed property program.”

The state announced the conditions for potential custodians of unclaimed cryptocurrencies. As part of their application, companies must “provide a narrative that illustrates the Respondent's experience in dealing directly with Unclaimed-Securities and virtual currency” or their “understanding of how Unclaimed Securities and virtual currency is unique to the custody services and how the Respondent will be able to fulfill those services.”

Furthermore, companies are to provide “a detailed explanation of the technology, services and processes they will use” for different types of cryptocurrencies that include, but are not limited to, Bitcoin. On top of this, firms are also invited to propose a pricing structure based on their ability to manage a monthly cryptocurrency trading volume of $500,000 in crypto and 50 transfers or withdrawals of Bitcoin from an exchange every month. The preliminary date for the announcement of the winner is May 10.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter









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