Seba Bank has launched a regulated Non-fungible tokens (NFTs) platform that will enable retail and institutional investors to store their Ethereum-based NFT collections like CryptoPunks and Bored Apes. The decline in the NFT market doesn’t seem to be much of a problem for the Swiss crypto-focused bank.
The bank however maintained that it has not integrated any NFT marketplace yet and that it will follow due diligence upon clients’ request before allowing custody for any NFT collection. It also clarified that the custody service is not restricted only to top NFT collections.
Seba Bank NFT custody platform features
The NFT custody platform will provide customers with secure storage of their NFTs without managing their private keys. Clients can integrate the custody platform into their bank accounts to include their NFTs in the total wealth portfolio and manage them just like any other of their assets.
The custody platform makes Seba Bank the first regulated bank to offer NFT custody and the bank sees a bright future for NFTs. Seba Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has made significant steps into cryptocurrency.
A representative of the bank was quoted by a popular media outlet saying:
“We believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators.”
Seba’s NFT custody launch, however, comes amid a tough time for the NFT market which has seen its trading volume decline by as much as 98% since the beginning of the year and the weekly NFT trading volume decline by about 30%.
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