Swiss Bank SEBA Now Custodies Blue-chip Ethereum NFTs

SEBA says it’s the first regulated bank to offer NFT custody

October 26, 2022 01:55 pm

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.

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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.

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