Switzerland based cryptocurrency bank, SEBA, has just launched a new custody solution service allowing its customers to store premium non-fungible tokens (NFT) in a safe and secure platform.
The NFT market nosedived a whopping 97 per cent from its peak of $17 billion in early 2022 to $470 million in September 2022. The digital artwork sector has been hit in tandem with the broader crypto market. Slumping cryptocurrency prices have triggered the massive drop in the NFT industry. Despite the decline, conglomerates are not deterred to venture into the world of digital collectibles. Companies across different sectors from Starbucks to luxury fashion houses such as Gucci, Versace, Tiffany to racing giant Formula1, are embracing Web3 technologies.
Custody Solution for Premium NFTs
— SEBA Bank AG (@WeAreSEBA) October 26, 2022
On October 26, SEBA Bank announced the company is launching a brand new digital asset custody services for blue chip NFTs such as Bored Apes and CryptoPunks. The platform will enable its clients to securely store any Ethereum-based NFTs. The NFT custody platform has been designed to provide its customers with secure storage of their digital artworks without managing the private keys themselves.
As per the official blog post, the feature is integrated into customers’ bank accounts, allowing clients to include their NFTs in the total wealth picture and manage them like any other digital asset. With his move SEBA has claimed that it has become the “first regulated bank to offer NFT custody”.
Urs Bernegger, co-head of markets and investment solutions at SEBA Bank specified that SEBA is one of the leading crypto focused financial institutions that aims to simplify access to the digital assets economy.
SEBA Aims to Simplify Access to Digital Assets
Bernegger further highlighted that since the company is regulated under a reputed authority such as Swiss Financial Market Supervisory Authority (FINMA), SEBA has a “core capability in digital assets and cryptocurrencies”. He added,
“The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support our clients with our expertise in expanding our service by offering NFT custody.”
Launched in 2018, SEBA started as a crypto banking service and expanded into offering crypto trading and custody for institutional investors. Last month, SEBA announced Ethereum (ETH) staking services aimed at enabling clients to earn rewards. Recently, the crypto bank was also awarded the 2022 Digital Wealth Management Impact Award for “Digital Asset Offering’’ by global consultancy, Aite-Novarica Group.