10-26-2022 icon

Swiss-Licensed Seba Bank Introduces NFT Custody Service Option Amid Market Plunge

By Lucy Adegbe
Seba bank

The plunge in the non-fungible token (NFT) space seems not to be a cause for concern for Swiss-supervised digital currency bank Seba as the establishment now offers a unique NFT guardianship service.

Seba bank has inaugurated an NFT guardianship feature in its platform, which allows for flexible storage of NFT collections, the corporation disclosed in an official announcement on Wednesday.

This guardianship solution will allow the bank’s individual and corporate customers to keep their Ethereum-based non-fungible tokens inclusive of tokens from prominent NFT compilations like CryptoPunks and Bored Apes, the corporation added.

However, the corporation will follow due protocol before concluding to offer custody assistance to clients NFT, a mediator highlighted while emphasizing that “the custody service offered is by no means restricted to top collections.”

Seba’s NFT storage feature is merged with customers’ bank accounts, allowing easier management like other virtual properties. 

The corporation’s spokesperson pinpointed that the bank “is the first regulated bank to offer NFT custody.”

“We believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators,” he added.

Given the downturn nature of the market, NFT exchange volume has declined up to 98% from January to September 2022. Contrastingly, NFT wallets have increased drastically this year with the amount doubling up from 3.4 million in January to 6.1 million in the past month.