Vinkmag ad

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

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

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 Department of Treasury how they’d deal with digital currencies reminiscent of Bitcoin for the state.

According to the RFP, the state at the moment 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 belongings and works to reunite house owners with their funds. The state retains unclaimed money straight, however securities are held by way of a vendor. Unclaimed cryptocurrency would likewise be held by the subsequent vendor.

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

In the RFP, potential suppliers are requested to supply a worth construction primarily based 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 trade account every month. According to 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 permit the state to take a position into cryptocurrencies and non-fungible tokens (NFTs).

Posted In: U.S., Adoption, Investments Recent Trading Stories Belarusian crypto trade stops buying and selling for Russians over conflict in Ukraine Laszlo Dobos · 1 week in the past · 2 min learn Galaxy Digital Trading co-head performs down the specter of CBDCs on liberty Samuel Wan · 2 weeks in the past · 2 min learn Report: Wash buying and selling accounts for 95% of LooksRare buying and selling quantity Oluwapelumi Adejumo · 3 weeks in the past · 2 min learn Get an Edge on the Crypto Market 👇Become a member of Cryptonomie Edge and entry our unique Discord neighborhood, extra unique content material and evaluation.

On-chain evaluation Price snapshots More context Join now for $19/month Explore all advantages Spend with the Crypto.com Visa Card and rise up to eight% again Buy Bitcoin and 80 cryptos with 0% charges Commitment to Transparency: The creator of this text is invested and/or has an curiosity in a number of belongings mentioned on this put up. Cryptonomie doesn’t endorse any mission or asset that could be talked about or linked to on this article. Please take that into consideration when evaluating the content material inside this text.

Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of Cryptonomie. None of the data you learn on Cryptonomie must be taken as funding recommendation, nor does Cryptonomie endorse any mission that could be talked about or linked to on this article. Buying and buying and selling cryptocurrencies must be thought-about a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Finally, Cryptonomie takes no duty do you have to lose cash buying and selling cryptocurrencies.

Read Previous

69420 DAO takes a stand towards Twitter within the struggle free of charge speech

Read Next

Why this crypto occasion on the Adriatic coast might be in contrast to all others

Most Popular