The state of Tennessee is no longer seeking a contractor to hold cryptocurrencies on its behalf.
Earlier this year, the Tennessee Department of Treasury was looking for a vendor in order to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.”
In the request for proposals, potential contractors were directed to submit pricing information based on the company’s ability to manage monthly trading volumes of $500,000 in virtual currency and 50 transfers or withdrawals of Bitcoin from an exchange account each month. The RFP noted that cryptocurrencies would include, but not be limited to, bitcoin.
“After reevaluating its needs and the services requested, the Department of Treasury canceled the original RFP and issued a new RFP removing the custody of virtual currency from the services sought for the department’s unclaimed property division,” a Treasury spokesperson recently told the Post.
Avenu Insights & Analytics, LLC was awarded the contract, the spokesperson added.
According to the original RFP, the state was not holding any cryptocurrencies at the time. The state’s unclaimed property program holds more than $1 billion in assets and seeks to reunite owners with the funds. The state directly holds unclaimed cash but uses a vendor to hold securities.