Swiss Bank SEBA Now Custodies Blue-chip Ethereum NFTs
SEBA says it’s the first regulated bank to offer NFT custody
Source: Shutterstock
key takeaways
- NFTs are held in customers’ bank accounts, just like any other digital assets
- The bank will only accept ERC-721 NFTs, the same token standard powering Bored Ape Yacht Club NFTs
Swiss fintech bank SEBA will now custody NFTs just like any other customer deposit — but only Ethereum collections including Bored Ape Yacht Club (BAYC).
The bank became one the first banks in Switzerland to secure an institutional license to custody digital assets for Swiss-based funds and institutional investors in 2021.
Now, SEBA says it’s the first regulated bank to offer NFT custody. Both individuals and institutions can hold their non-fungible tokens in their bank accounts and manage them alongside other digital assets such as stablecoins, bitcoin and ether.
Via an institutional-grade custody platform, the bank allows safe storage of any client’s Ethereum-based NFT “without the hassle of managing private keys themselves,” SEBA said.
The bank will only accept ERC-721 NFTs, the same token standard powering top collections such as Bored Ape Yacht Club and CloneX. SEBA supports over 16 cryptocurrencies and specializes in bitcoin custody and lending, with a small selection of staking options.
SEBA said it’s responding to a “clear demand for trusted custody solutions,” as stated in the press release. This new feature is aimed at institutional investors looking to safeguard their blue-chip tokens and “include them in the total wealth picture” their portfolios represent.
The move comes on the heels of a recent brief hype within the NFT market fueled by Reddit’s NFT marketplace trading volumes and Azuki’s record-setting sales. Indeed, the number of NFT holders keeps growing — despite the bear market.
Correction: CryptoPunks are ERC-20 NFTs, not ERC-721 NFTs. Updated Oct. 26 at 2:18 pm ET.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
