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.
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