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

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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).

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