Home » Swiss Seba Bank launches NFT custody despite market decline

Swiss Seba Bank launches NFT custody despite market decline

by admin

The decline of the non-fungible token (NFT) market does not appear to be a problem for Swiss crypto-focused bank Seba. The company now allows a customer to store his NFTs.

Seba Bank officially announced on October 26th that it has launched a regulated custody platform where customers can store NFTs. The NFT custody solution allows Seba Bank’s individual and institutional clients to store any of his Ethereum-based NFTs, including the tokens of world-famous NFTs.collections like bored monkey When Cryptopunksthe company said.

A company spokesperson told Cointelegraph, “At this time, there is no marketplace integration with Seba Bank.” The company also performs due diligence at the request of clients before deciding whether to offer custody of a particular NFT. said a company representative.

Seba’s new NFT custody platform is designed to provide customers with secure storage of their NFTs without having to manage the private keys themselves. This feature is integrated into the customer’s bank account, allowing the customer to include her NFTs in their total assets and manage them like any other digital asset.

Noting that Seba Bank is “the first regulated bank to offer custody of NFTs,” a company representative expressed confidence in the bright future of NFTs, stating:

“We believe that in the next few years, digital assets, including NFTs, will be adopted and increasingly accepted even by traditional financial operators.”

Urs Bernegger, co-head of Markets and Investment Solutions at Seba Bank, stressed that Seba is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has a “core competence” in cryptocurrencies. .

Zug-based Seba Bank is Switzerland’s leading crypto-focused financial institution, known for its close cooperation with local regulators. In 2019, Seba Crypto AG became a Swiss Bank and securities business license from Finma. In 2021, the regulator will grant his Seba Bank AG a Chartered Information Systems Auditor license, allowing the company to Institutional-grade custodian service.

The launch of Seba Bank’s NFT Custody comes at a difficult time for the NFT market.Weekly NFT trading Volume plummets by 98% From the beginning of the year in late September 2022. Median NFTs also fell sharply, but the overall NFT market continued to deteriorate further as average weekly NFT volume fell by about 30% in his September and August.

Source: Dune Analytics

Meanwhile, the number of NFT wallets has increased this year, nearly doubling from 3.4 million in January to 6.1 million in September.

Related: Institutional Crypto Management: How Banks Store Digital Assets

Despite the downturn in the NFT market, many platforms and companies have recently rolled out NFT-related solutions. Last month, MetaMask Institutional — the institutional compliant version of the MetaMask crypto wallet — Announcing the addition of NFTs To provide its storage services.

A Seba spokesperson said, “Many investors who held NFTs have remained confidently in the market despite the market downturn. The NFT sector continues to mature, with launches, funding of new projects, etc. “SEBA Bank is in need of a regulated custodian who can ensure the security and integrity of NFTs for professional and institutional investors. I’m working on sex,” the person added.