Swiss Seba Bank launches NFT custody service

The platform is designed to provide users with secure token storage without having to manage private keys themselves

26.10.2022 - 13:15

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2 min

What’s new? SEBA, a Swiss cryptocurrency bank, has launched a regulated depository platform to store non-fungible tokens (NFTs). The service is available to both institutional and retail customers. The platform allows custody of any NFTs issued on the Ethereum blockchain, including tokens from major collections such as Bored Ape Yacht Club and CryptoPunks.

Information on the SEBA website

What do they say about the project? According to the bank, the company will conduct due diligence before deciding to provide custodial services for a particular NFT. The new platform is designed to provide customers with secure token storage without having to manage private keys themselves. This feature is integrated into customers' bank accounts, allowing them to include their NFTs in their overall investments and manage them like any other digital asset.

A spokesperson noted that SEBA Bank is "the first regulated bank to offer NFT custody." He added:

“We believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators.”

What is known about SEBA? The bank was launched in 2019. The wallet app, e-banking, and card allow customers to convert cryptocurrencies and traditional finance. In addition to being licensed by the Swiss Financial Market Supervisory Authority (FINMA), the company has received approval to operate from the Cybersecurity and Infrastructure Security Agency (CISA). In early 2022, the bank raised $111 million in a funding round to support growth.

In December 2021, SEBA issued a digital token that allows investors to acquire rights to physical gold through the Ethereum blockchain. Depositors can redeem the precious metal at any time without paying fees for its transportation and storage.

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