Home » Crypto Firm Seba Bank Launches NFT Custody Despite Current Market Woes

Crypto Firm Seba Bank Launches NFT Custody Despite Current Market Woes

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Seba Bank’s new NFT custody platform is designed to allow users to securely store their NFTs without having to manage their own private keys.

Seba Bank Launches First Bank NFTs This service is an institution-level certified, independently audited hot and cold storage custody product for leading NFTs.

This new service will allow individual and institutional investors in Swiss banks to store their tokens. ethereumThe bank’s new custodial services, NFT-based collections including Bored Apes and CryptoPunks.

This launch is in response to requests from customers to bank their NFTs alongside other crypto assets such as Bored Ape Yacht Club, Cryptopunk and Clone X NFTs which have already been approved. The bank said new collections will be added based on customer demand.

Seba Bank’s new NFT custody platform is designed to allow users to securely store their NFTs without having to manage their own private keys.

This functionality is integrated into customer bank accounts, allowing customers to include NFTs across their assets and manage them like any other digital asset.

“At the moment, there is no marketplace integration with Seba Bank,” a company spokesperson told reporters. “The company also performs due diligence upon client request before deciding whether to offer custody of a particular NFT. The custody services offered are in no way limited to the top collections.” added a company representative.

The representative also said that Seba Bank is “the first regulated bank to offer NFT custody.” I believe,” said the representative.

Urs Bernegger, Co-Head of Markets and Investment Solutions at Seba Bank, also emphasized that a growing group of NFT owners are willing to entrust their NFTs and private keys to institutions.

“They don’t want the keys because they don’t even know how to store them or handle them. They’re more afraid of doing something wrong than giving the keys to the bank.” ’ he says. said.

Verneger added that Seba Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has a “core competency” in the cryptocurrency space.

Seba Bank’s debut into the NFT space comes at a difficult time for the NFT business. His weekly NFT trading volume has dropped to 98% since the beginning of the year as of late September 2022.

Seba Bank is Switzerland’s leading crypto-focused financial institution, known for its strong cooperation with local regulators.

The company is headquartered in Zug and received a Swiss banking and securities dealer license from FINMA in 2019.

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