Crypto firm Seba Bank launches NFT depository despite current market problems
The new NFT depository platform from Seba Bank is designed to allow users to securely store their NFTs without having to manage their own private keys.
Seba Bank has launched its first NFT service, a certified and independently audited hot and cold storage product for blue-chip NFTs.
The new service will now enable the Swiss bank’s retail and institutional customers to store tokens of Ethereum-based NFT collections including Bored Apes and CryptoPunks in the bank’s new depository service.
The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already approved Bored Ape Yacht Club, Cryptopunk and Clone X NFTs. The bank stated that there will be new collections based on customer needs.
The new NFT depository platform from Seba Bank is designed to allow users to securely store their NFTs without having to manage their own private keys.
The feature is integrated into customers’ bank accounts, allowing customers to include their NFTs in the overall wealth picture and manage them like any other digital asset.
“There is no marketplace integration with Seba Bank at this time,” a spokesperson for the firm told reporters. “The company will also perform due diligence at the client’s request before deciding whether or not to provide custody for a certain NFT. The custody service offered is in no way limited to top collections,” the firm’s representative added.
The representative also revealed that Seba Bank is the “first regulated bank to offer NFT custody. “We believe that in the coming years, digital assets, including NFTs, will be adopted and will be increasingly accepted even by traditional financial operators,” the representative said.
Urs Bernegger, co-head of markets and investment solutions at Seba Bank, also highlighted a growing group of NFT owners who are more comfortable entrusting their NFTs and private keys to an institution.
“They don’t want the key because they don’t even know how to keep the key and handle the key. They are more afraid of doing something wrong with the key than giving it to a bank,” he said.
Bernegger added that Seba Bank is subject to the regulation of the Financial Market Supervisory Authority (FINMA) in Switzerland and that it has “core competence” in cryptocurrency.
Seba Bank’s debut in the NFT area comes at a challenging time for the NFT business. The weekly NFT trading volumes have seen a drop as high as 98% since the beginning of the year at the end of September 2022.
Seba Bank is a large crypto-focused financial institution in Switzerland, known for its strong cooperation with local regulators.
The firm’s headquarters are in Zug and received a Swiss banking and securities dealer license from FINMA in 2019.
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