Seba, a Swiss bank which focuses on cryptocurrencies, now enables its clients to keep non fungible tokens (NFTs) which means their customers can now store assets that have non-traditional or even collectable value, other than digital currencies. The falling value of the market for nonfungible tokens (NFTs) does not seem to be a concern for the bank as they believe that NFTs have the potential to create a sustainable demand for cryptocurrencies.
The development of a regulated custody platform that provides customers of Seba Bank with the ability to keep non-fiat currencies was formally announced by the company on October 26. According to the company, the NFT custody solution allows retail and institutional customers of Seba Bank to deposit any Ethereum-based NFTs. This includes tokens from world-famous NFT collections such as Bored Apes and CryptoPunks.
The company officials informed that there is currently no marketplace connection with Seba Bank. “There is no marketplace integration with Seba Bank at this moment.” Before choosing whether or not to grant custody for a particular NFT, the business will additionally do due diligence on the customer’s behalf if the customer makes such a request.
The new NFT custody platform that Seba has developed is intended to provide its clients a safe place to store their NFTs without requiring them to take responsibility for keeping the private keys. Customers are able to include their NFTs into their overall wealth picture and manage them in the same manner as they would any other digital asset thanks to the functionality that is incorporated into their bank accounts.
Urs Bernegger, co-head of markets and investment solutions at Seba Bank, emphasised that Seba is authorised by the Swiss Financial Market Supervisory Authority (FINMA) and has “core competency” in cryptocurrencies. Urs Bernegger made this statement in a recent interview.
Seba Bank is a significant crypto-focused financial institution in Switzerland, with its headquarters located in Zug. The bank is well-known for its tight collaboration with local authorities. In 2019, FINMA granted Seba Crypto AG a licence to conduct banking and securities dealer activities in Switzerland. In addition, the regulator presented Seba Bank AG with a Certified Information Systems Auditor licence the next year in 2021. This enabled the company to provide an institutional-grade custodian service to its clients.
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