Seba Bank launches a regulated custody platform to store NFTs despite market slump

In a recent announcement, it has been revealed that the Seba Bank has launched a regulatory custody platform that allows its clients to store NFTs. As announced on October 26, the NFT custody solution allows the retail and institutional clients of Seba Bank to store any NFT based on Ethereum. This involves tokens from popular collections such as CryptoPunks and Bored Apes. 

It should be noted that a spokesperson has revealed that, at present, there is no marketplace integration with Seba Bank. In addition, the firm will also be performing due diligence at the request of the client before deciding whether custody for a certain NFT should be provided or not. 

As per the revelations made, the new NFT custody platform of Seba is designed in order to provide its customers with secure storage of their NFTs without the need to manage their private keys themselves. In addition to this, the feature will be incorporated into the bank accounts of customers so that they are able to involve NFTs in the total wealth they have and manage it like any other digital asset.

The Co-Head of Markets and Investments Solutions at Seba Bank, Urs Bernegger, emphasized that the Seba Bank is regulated by FINMA, the Swiss Financial Market Supervisory Authority, and has core competence in cryptocurrencies.

What adds more value to the piece of news is the fact that the NFT custody launch of Seba Bank comes amid tough times for the NFT market. The weekly NFT trading volumes slipped around 98% from the start of this year till now. 

Another spokesperson for Seba mentioned that the NFT space has continued to evolve and mature, and more and more institutional investors are launching NFT funds and providing funds to new projects.

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