Swiss fintech bank SEBA will now custody NFTs just like any other customer deposit — but only Ethereum collections including Bored Ape Yacht Club (BAYC).
The bank became one 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’s 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 custody platform, the bank allows safe 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 powering top collections such as Bored Ape Yacht Club, CryptoPunks and CloneX. SEBA supports over 16 cryptocurrencies and specializes in bitcoin custody and lending, with a small selection of staking options.
📢 𝗦𝗘𝗕𝗔 𝗕𝗮𝗻𝗸 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝗱 𝗮𝗻 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹-𝗴𝗿𝗮𝗱𝗲 𝗰𝘂𝘀𝘁𝗼𝗱𝘆 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗮𝗹𝗹 𝘁𝗵𝗲 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝘀𝗮𝗳𝗲𝗴𝘂𝗮𝗿𝗱𝘀 𝘁𝗼 𝘀𝗲𝗰𝘂𝗿𝗲 𝗰𝗹𝗶𝗲𝗻𝘁𝘀' 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝗡𝗙𝗧𝘀🚀
— SEBA Bank AG (@WeAreSEBA) October 26, 2022
Read more here➡️ https://t.co/zdo1gdW0dY pic.twitter.com/qlxMoM4KzS
SEBA said it’s responding to a “clear demand for trusted custody solutions,” as stated in the press release. This new feature is aimed at institutional investors looking to safeguard 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 within the NFT market fueled by Reddit’s NFT marketplace trading volumes and Azuki’s record-setting sales. Indeed, the number of NFT holders keeps growing — despite the bear market.
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