Swiss bank SEBA launches regulated custody services for blue chip NFTs

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SEBA Bank, a cryptocurrency-friendly bank in Zug, Switzerland, on Wednesday: announced launching an NFT storage solution that gives customers the ability to store non-fungible tokens (NFTs) without having to manage private keys themselves.

The Swiss bank said the up-to-date service is intended to allow customers to store any Ethereum-based NFTs, especially blue chip NFTs – those that are most famed and consistently maintain a high market value, such as CryptoPunks, Bored Apes and Clone X.

SEBA Bank said the custody solution provides its customers with absolute confidence in the security of their NFT transactions, which are managed like any other digital asset.

While the NFT market remains lower than its peak in overdue 2021 and earlier this year, the asset continues to attract buyers.

Blue chip NFTs, which are often considered a good long-term investment, saw their best performance in April, while May and June were the worst periods in blue chip NFT history.

NFT sales fell sharply in the third quarter as cryptocurrency investors’ purchasing activities were cooled by a crypto winter and central bank interest rate hikes prompt investors to abandon risky assets.

According to blockchain tracker DappRadar, in the third quarter of this year recorded NFT sales totaled $3.4 billion, down from $8.4 billion in the previous quarter and $12.5 billion at the market’s high point in the first quarter of the year.

Despite many NFT investors currently suffering losses on sales, the number of investors holding on to their NFT investments continues to grow. In June and July alone, nearly 500,000 users joined the growing pool of NFT investors looking to invest for the long term, pushing the number of holders beyond 3 million.

SEBA’s NFT custodial service is a response to the boost in the number of institutional investors looking to invest in the NFT landscape. A SEBA Bank spokesperson further revealed that major market participants also need a regulated custodian to ensure the security and integrity of NFT transactions.

Initially, SEBA claimed that its deposit offer was open to existing and up-to-date customers, who must be institutional or professional investors.

Image source: Shutterstock

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