An NFT custody service made in Switzerland – The Seba Bankwhich is a Swiss crypto bank with a license issued by the Swiss Financial Market Supervisory Authority (FINMA), now wants to ensure the custody of NFT for its customers.
Seba Bank opens its vaults to NFTs
Pixelated monkeys and avatars enter the wallets of a Swiss bank. On October 26, Seba Bank announced the launch of a guard platform hot and cold NFT. This new institutional quality service has been independently audited and certified.
The company’s retail and institutional clients will be able to use this solution to store their non-fungible tokens based on Ethereum (ETH)both those belonging to major collections and NFTs related to lesser-known works.
However, these NFTs must first obtain thebank approval in order to benefit from these childcare services. Customers can already use the platform to store NFTs Bored Ape Yacht Club, those of Clone X and the CryptoPunks. New collections will be added to the current list, at the request of customers.
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Private keys in the hands of a bank
This custody solution from Seba Bank is equipped with a private key management which is integrated into customers’ bank accounts. In other words, platform users do not have to manage themselves these keys.
Faced with possible criticism concerning this control of the private keys of a wallet by a third party, Urs Bernegger, co-head of markets and investment solutions at Seba Bank, highlighted the fact that holders of NFT “don’t want the key because they don’t even know how to store and handle it”.
These people would be afraid of “to do something wrong” with their private keys, rather than entrusting them to a bank.
Seba Bank is launching these new non-fungible token custody services in the middle of the crypto winter, while trading volumes on the main NFT platforms collapsed by 97% from January to the end of September.
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