State Board of Deposit Votes to Approve Cryptocurrency Vendor to Facilitate Payments to State

State Board of Deposit Votes to Approve Cryptocurrency Vendor to Facilitate Payments to State

COLUMBUS -Yesterday, Ohio Treasurer Robert Sprague and the State Board of Deposit unanimously approved Grant Street Group as the vendor to facilitate the acceptance of cryptocurrency payments for state fees and services. The State Board of Deposit is a three-member regulatory board made up of the Treasurer of State, Auditor of State and State Attorney General.<_o3a_p>

"At this week's Board of Deposit meeting, we took the next step to position Ohio as a leader in the digital currency space, authorizing a vendor to facilitate the acceptance of cryptocurrency as payment for state fees," said Sprague. "After reviewing several proposals, I'm confident that Grant Street Group will be able to provide the security and service we need for Ohioans to be able to utilize the tools of modern finance."<_o3a_p>

After the Board of Deposit meeting in May of this year, the Ohio Treasurer's office had put out a Request for Proposals (RFP) for a vendor to provide processing services for electronic payments made with digital wallets or cryptocurrency including conversion to United States dollars for deposit into the State Treasury. Approval to begin the RFP process came after Treasurer Sprague proposed a resolution to the Board of Deposit following a call from Treasurer Sprague and Ohio Secretary of State Frank LaRose in April of this year to authorize the use cryptocurrency to pay state fees.<_o3a_p>

Various leaders in the digital space have provided statements of support for yesterday's action:<_o3a_p>

• "Yesterday's vote positions Ohio as a national leader and innovator through the adoption and use of Bitcoin and digital asset technologies," said Andrew Burchwell, Executive Director of the Ohio Blockchain Council. "This move modernizes our state government to be prepared for the future of digital global payments."

• Noah Herman, Chief Strategy Officer for Fortris Global said, "Innovation in the US has always been led by the States, and this continues to be the case with blockchain and digital asset technologies. With the formal authorization of cryptocurrencies as a financial transaction device, the Board of Deposit has cemented the State of Ohio's credentials as a leader, an innovator, and a place in which the businesses of the present and future will be able to locate, hire, build, execute, and grow."

• "As a sixth generation Ohioan, it's great to see our state take leadership in the future of finance," said BitGo VP of Corporate Development Baylor Myers. "Having worked in New York, Washington, and Silicon Valley, there is no good reason why Ohio cannot compete -- we have the talent, the values, and the drive."

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