Swiss Seba Bank launches NFT custody despite market decline
The decline of the nonfungible tokens (NFT) market doesn’t seem to be a problem for the Swiss cryptocurrency-focused bank Seba as the firm now allows its customers to store NFTs.
Seba Bank has launched a regulated custody platform allowing its clients to store NFTs, the firm officially announced on Oct. 26. The NFT custody solution enables Seba Bank’s retail and institutional clients to store any Ethereum-based NFTs, including tokens from world-famous NFT collections like Bored Apes and CryptoPunks, the firm said.
"There is no marketplace integration with Seba Bank at this time," a spokesperson for the firm told Cointelegraph. The company will also perform due diligence by client's request before deciding whether to provide custody for a certain NFT or not. "The custody service offered is by no means restricted to top collections," the firm's representative stated.
Seba’s new NFT custody platform is designed to provide its customers with secure storage of their NFTs without managing the private keys themselves. 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.
A representative at the firm pointed out that Seba Bank is the "first regulated bank to offer NFT custody," expressing confidence in a bright future of NFTs, stating:
Urs Bernegger, co-head of markets and investment solutions at Seba Bank, stressed that Seba is regulated by Swiss Financial Market Supervisory Authority (FINMA) and has “core competence” in cryptocurrencies.
Headquartered in Zug, Seba Bank is a major crypto-focused financial institution in Switzerland, known for its close cooperation with local regulators. In 2019, Seba Crypto AG received
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