Swiss bank SEBA introduces custodial services for NFTs

SEBA bank, a Switzerland bank that handles both digital and traditional assets, has announced that it can now hold Ethereum-based non-fungible tokens (NFT) for its users. It says customers can securely store their Bored Apes and Cryptopunks with the bank without having to manage complicated private keys.

Despite the NFT market's decline, the company believes digital assets will gain widespread adoption in the future and probably hopes to reap the benefit of being a pioneer in the service.

The new feature is integrated into customers' bank accounts, allowing them to count NFTs as part of their net worth and manage them like any other digital asset. Customers can also decide whether they want to keep a particular NFT with the bank or not.

However, the company says it is not offering any marketplace integration at this time.

'SEBA Bank is addressing the need for a regulated custodian that can guarantee the security and integrity of NFTs for professional and institutional investors,' a representative from the firm stated.

The NFT sector has fallen drastically from its peak market performance levels of late 2021 and early 2022. Still, investors and companies seem unfazed by the fact and have been launching NFT-related products in recent months.

For example, MetaMask took a similar step by introducing NFT custodial services to institutional investors in September.

'A lot of investors who held NFTs have continued to stay in the market showing conviction despite the market downturn,' the spokesperson said.

SEBA's NFT custody feature is now available to both old and new customers. All clients must be institutional or professional investors.

Photo: insidebitcoins