Seba Bank launches a non-fungible tokens platform (NFTs) that allows institutional and retail investors to store Ethereum-based NFT collections such as CryptoPunks, Bored Apes, and more. 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. The bank also clarified that it does not limit custody to NFT top collections.
Seba Bank NFT custody platform Features
NFT custody platforms will allow customers to store their NFTs in a secure manner without managing their private keys. The custody platform can be integrated into clients’ bank accounts so that they can include their NFTs within their total wealth portfolio. Clients can also manage them like any other asset.
Seba Bank is the first bank to offer NFT custody through its custody platform. The bank expects NFTs to have a bright future. Seba Bank has taken significant steps towards cryptocurrency and is now regulated by the Swiss Financial Market Supervisory Authority.
A popular media outlet quoted a bank representative as 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%.
