Crypto Bank SEBA Launches Institutional Custody Service for Ethereum NFTs

The Bored Apes arrive in Zug.

Swiss-based crypto-friendly bank SEBA Bank has added an NFT custody solution that gives customers the ability to hold well-known NFTs without managing the private keys themselves.

The group will allow customers to store everything Ethereumnon-fungible tokens (NFT), which includes popular collections such as bored monkeys and CryptoPunks.

“SEBA Bank is proud to be the first regulated bank to offer NFT custody and we believe that in the years to come, digital assets including NFTs will be adopted and increasingly accepted even by financial operators. traditional,” a SEBA Bank spokesperson said. said.

Although the NFT market remains in decline from its peak in late 2021 and January this year, the assets are still attracting buyers. Monthly sales, for example, exceeded $947 million last month.

SEBA seeks to specifically target the so-called “blue-chip” part of the market, i.e. the most well-known NFT collections that have always maintained a high market value such as CryptoPunks, Bored Apes and Clone X.

Although trading volumes of blue chips fell in the third quarter of this year, according to data from DappRadar, their values ​​remained stable.

The floor price of the top 11 blue chip collections even overcame the cash shortage caused by the collapse of Terra. The floor price is the lowest price for an NFT in a collection.

“Many investors who held NFTs continued to stay in the market, showing conviction despite the market downturn,” the bank representative added.

The custody service is a response to the rise in the number of institutional investors eyeing the NFT space. More closed market players also need a regulated custodian to ensure “the security and integrity of NFTs”, the representative added.

Initially, the custody offer is limited to existing and new SEBA customers.

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