February 6, 2023

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The crash of the market of non-fungible tokens (NFTs) does not appear to be an issue for Seba (a crypto-focused bank based in Switzerland) as the platform now permits the storage of NFTs by consumers.

The venue has established a regulated custody venue permitting the customers to store non-fungible tokens, as formally declared by the company.

Seba Bank Offers NFT Custody Service amid Market Crash

The custody solution for NFTs permits the organizational and retail users to store any non-fungible tokens based on Ethereum.

These take into account the most prominent NFT series such as CryptoPunks and Bored Apes, as mentioned by the venue. According to a spokesperson, Seba bank does not have any marketplace integration at the moment.

The firm will additionally be more careful in giving attention to consumer requests in advance of determining if to offer custody for a particular non-fungible token or not. The respective custody service is not limited to the prominent collections, according to the representative.

The unique NFT custody venue of Seba is established to offer consumers safe storage of non-fungible tokens without facing the issue of managing private keys.

This facility has an integration with the bank accounts of the clients, permitting them to incorporate their non-fungible tokens in a cumulative wealth scenario along with managing them as any of the rest of the digital assets.

A representative brought to the front that Seba’s position is that of the earliest regulated banking entity to provide NFT custody, revealing confidence in an optimistic future of non-fungible tokens.

The representative added that they are hopeful about the mounting adoption of non-fungible tokens even by conventional finance operators.

Seba Bank is considered to be a large crypto-focused financial organization based in Switzerland, famous for closely cooperating with the native regulatory agencies. In 2019, a license for being a dealer of securities and banking services was secured by Seba Crypto AG from FINMA.

Trading Volumes of NFT Plummet by 98%

The regulatory authority provided another license to operate as a Certified Information Systems Auditor in 2021. With this, the company was permitted to offer an organizational-scale custodian service.

The NFT custody service of Seba Bank is being introduced at a time when the market of non-fungible tokens is going through hard times as a decline of nearly ninety-eight percent has occurred in trading volumes of NFT from 2022’s start till September.

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