The Tennessee Department of Treasury is seeking vendors who can manage cryptocurrency on their behalf.
In a request for proposals (RFP) letter, the department said that Tennessee doesn’t possess cryptocurrencies at present, but is working to safely hold digital assets in the near future.
The department will first ensure the crypto custody service provider can provide services with 100 percent safety.
The reason for the RFP is to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.” The program has over $1.2 billion in assets and works to reunite owners with their funds.
Companies will also be required to provide information about the different technologies used and the process by which they provide services.
Earlier in February, A bill was introduced by State Rep. Jason Powell (D-Nashville) that would allow Tennessee and counties and municipalities in the state to invest in cryptocurrencies and NFTs.
