CENTREVILLE, VA. (PRWEB) – Avenu Insights & Analytics (Avenu), the nation’s leader in unclaimed property solutions, proudly announces the addition of cryptocurrency custody to its Unclaimed Property Solutions Portfolio. The new secure platform will receive in, deliver out, liquidate, purchase, and hold the most widely-used and popular types of cryptocurrency.
This is a result of a recently established relationship between Avenu and Gemini, one of the most trusted firms in the industry. Gemini is a licensed digital asset exchange and custodian that is owned and operated by Gemini Trust Company LLC, a New York trust company. Gemini is subject to comprehensive regulations under several federal and state laws, including those pertaining to unclaimed property and escheatment.
Trusted by more states than any other unclaimed securities custody provider, Avenu provides state administrators with a suite of comprehensive and cost-effective tools to manage all facets of their unclaimed property management. With a reputation built on over 35 years of experience, Avenu manages over $2 billion in unclaimed securities.
“Partnering with Gemini was a natural step for us to take,” shared Paul Colangelo, Avenu CEO. “As a leader in the industry, our clients expect us to stay at the forefront of trends so that we can deliver relevant solutions that they need from us today. Now our state clients can add cryptocurrency to their unclaimed property portfolio in a simple and secure way.” Avenu, in fact, is the first company in the United States to offer cryptocurrency as part of its portfolio to state clients.
About Gemini Trust Company, LLC
Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 20 cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, Litecoin, and Zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss to empower the individual through cryptocurrency. To learn more, visit gemini.com.
About Avenu Insights & Analytics
As a leading provider in state and local government solutions, Avenu has partnered with over 3,000 state and local governments to boost revenue, optimize operations, and reduce costs. Avenu provides revenue enhancement and administrative solutions that uncover new sources of untapped revenue and deliver software that streamlines day-to-day operations. State and local governments partner with Avenu to increase revenue without raising taxes, streamline internal operations, and improve services by enhancing connectivity for constituents. Avenu is a portfolio company of Mill Point Capital.
Trusted by more states than any other system, Avenu’s Unclaimed Property Solutions provides administrators with a suite of comprehensive tools to unite owners to unclaimed property they didn’t know they were missing. We were happy to learn about the success that Arizona’s program is having and their recent campaign to unite military personnel to their unclaimed property.
Every year, the Arizona Department of Revenue’s (ADOR’s) Unclaimed Property program returns millions of dollars to claimants, including $42.5 million in 2019-2020. This year, right in time for Veteran’s Day, ADOR started a campaign to search for 14,000 military personnel and unite them to properties that total $7 million.
Much of this property belongs to military who were not permanent residents of Arizona but temporarily stationed at a military base. The agency has identified more than 14,000 military personnel with last known Arizona addresses from several military locations including; Camp Navajo Army Base, Fort Huachuca Army Base, Luke Air Force Base, Tucson’s Davis-Monthan Air Force Base, Yuma Proving Ground Army Base, and Marine Corps Air Station (MCAS) Yuma.
Some dating back over 30 years, these properties total $7 million, with the largest property due to a single owner totaling $136,217
Currently, military members with large properties will receive a notice with the goal being that the property owner or family member will contact ADOR’s Unclaimed Property Unit.
Unclaimed property generally consists of money due to an individual from sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits, and dormant safe deposit boxes. Often, the company holding the funds has an outdated or the wrong forwarding address for the customer, and in some cases, a person passes away with no family members aware of the assets. Most accounts are turned over to the state after several years of inactivity.
ADOR returns the property to owners who provide documentation showing their right to claim the assets. Claimants must include a valid photo ID and documentation linking them to the owner’s last known address with their ADOR Claim Form. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
In the past three fiscal years, ADOR returned roughly $155 million to individuals and businesses.
We are pleased to announce that former West Virginia Deputy State Treasurer, Carolyn C. Atkinson, Esquire, is joining Avenu Insights & Analytics as the new Director of Unclaimed Property Systems and Support. In this role, Carolyn will lead the team as it leverages strong Avenu backing for the unclaimed property business and the support it provides to many state unclaimed property program administrators.
Carolyn is a widely respected expert in state unclaimed property program administration and brings a wealth of experience in this arena. Formerly, she was the President of the National Association of Unclaimed Property Administrators (NAUPA), and a recipient of the distinguished NAUPA Lifetime Achievement Award. She also chaired NAUPA’s Committee for Revision of the Uniform Unclaimed Property Act and served as NAUPA’s co-adviser to the Uniform Law Commission. Professionally, she served in a number of roles including: West Virginia Deputy Treasurer for Unclaimed Property, Assistant General Counsel for WV State Treasurer Office, and a lawyer in private practice.
Please feel free to reach out to Carolyn directly via email and she will be happy to answer any questions you might have.
Learn more about our unclaimed property management solutions, the proven method for managing state unclaimed property programs.