US state Tennessee looking for Crypto vendor: Report

Tennessee’s Treasury agency wants to hire custodian for its future crypto holdings plans.

On 21 April, Nashville Post published a report on the issued request by the Tennessee Department of Treasury. According to the report, Tennis is looking for a contractor that would hold cryptocurrencies on its behalf. 

RFP #30901-49622, a request proposal for safekeeping and servicing of unclaimed securities and virtual currency’, noted that Tennessee doesn’t hold cryptocurrencies at present but it is working to hold some digital assets in near future with safety, but first it will make sure whether the crypto custody service provider will provide custody services with 100% safety or not. So here the government agency first figure out the methods and ideas, under which hired company/companies will provide crypto vendor service. 

So, now it is all on the crypto companies, which provide crypto custody services, to prove that they are providing services with high safety and security. The Tennessee Treasury Department mentioned the exact procedure to apply for the application. 

” Custody provider should “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.”

Companies will also be required to provide the proper information about the different technologies used and the process by which they provide services. 

The issued request by the Treasury Department of this US State also indirectly hinted that the State will not remain limited to bitcoin holding but also will look at other cryptocurrencies to reserve funds.

The final decision to choose the particular crypto custody provider company by the Tennessee Department of Treasury will come on 10 May. 

The majority of the experts noted this thing very precisely, that Tennessee will hold altcoins also, and further it may result in a huge pump for that crypto-asset because of such high level buy support and positive metrics of adoption by government agencies.

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