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Seba Bank launched NFT custody solution for the retail and institutional clients

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Indrani bose Follow

INDIA

Nov, 01 2022

Nov, 01 2022

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Seba Bank recently launched a regulated NFT custody?solution for Ethereum for its retail and institutional clients.? 


This NFT custody solution will enable Seba Bank’s retail and institutional customers to hold well-known NFTs with secure storage without having to manage their private keys themselves. By integrating NFTs into bank accounts, customers can manage them like any other digital assets as part of their total wealth picture. Customers of crypto-friendly SEBA bank will be able to store any non-fungible tokens (NFTs) based on Ethereum, including tokens from well-known NFT collections like Bored Apes and CryptoPunks. The custody option is initially accessible to both new and existing customers of SEBA. All customers must be professional or institutional investors. 


The launch of NFT custody by Seba Bank comes at a challenging time for the NFT business. Between the start of the year and late September 2022, weekly NFT trade volumes fell by as much as 98%, with September falling 30% from August. NFTs' median price has also dropped significantly.  


A custody service is being launched in response to institutional investors' increased interest in NFTs. As the first regulated bank to offer NFT custody, SEBA Bank believes that digital assets, including NFTs, will gain adoption over the coming years and will be accepted by traditional finance companies as well. 


SEBA wants to focus on the so-called "blue-chip" segment of the market, which includes well-known NFT collections that have persistently maintained a high market value, like CryptoPunks, Bored Apes, and Clone X. Blue chip trading volumes dropped in the third quarter of this year, but their values remained steady. A liquidity crunch caused by Terra's collapse did not affect the floor price of the top 11 blue-chip collections. The floor price is the NFT's lowest selling price in the collection.  


Seba Bank which is a significant crypto-focused financial institution having its headquarters in Zug is well-known for its strong coordination with regional regulators. In 2019 FINMA granted a Swiss banking and securities dealer license to Seba Crypto AG. In 2021 a certified information system auditor license was also given to Seba Bank AG by the regulatory body which enabled the company to provide institutional-grade custodian services. 

 


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Indrani bose

CBW - External Analyst

INDIA

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