Swiss Bank SEBA Now Custodies Blue-chip Ethereum NFTs

Swiss fintech bank SEBA will now hold NFTs just like any other customer deposit – but only Ethereum collections including Bored Ape Yacht Club (BAYC).

The bank became one of the first banks in Switzerland to secure an institutional license to custody digital assets for Swiss-based funds and institutional investors in 2021.

Now SEBA says it is the first regulated bank to offer NFT custody. Both individuals and institutions can hold their non-fungible tokens in their bank accounts and manage them alongside other digital assets such as stablecoins, bitcoin and ether.

Via an institutional-grade custodian platform, the bank allows secure storage of any client’s Ethereum-based NFT “without the hassle of managing private keys themselves,” SEBA said.

The bank will only accept ERC-721 NFTs, the same token standard that powers top pools like Bored Ape Yacht Club and CloneX. SEBA supports over 16 cryptocurrencies and specializes in bitcoin custody and lending, with a small selection of staking options.

SEBA said it is responding to a “clear demand for reliable custody solutions,” as the press release states. This new feature is aimed at institutional investors who want to protect their blue-chip tokens and “include them in the total wealth picture” their portfolios represent.

The move comes on the heels of a recent brief hype in the NFT market fueled by Reddit’s NFT marketplace trading volume and Azuki’s record sales. In fact, the number of NFT holders continues to grow – despite the bear market.

Correction: CryptoPunks are ERC-20 NFTs, not ERC-721 NFTs. Updated October 26 at 2:18 PM ET.

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