Swiss Seba Bank introduces Regulated Custody for Ethereum NFTs

The Digital Assets Custody bypasses the use of private keys and extends beyond Top collections.

Oct 31, 2022
by Michael
Swiss Seba Bank introduces Regulated Custody for Ethereum NFTs
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Seba Bank’s Custody Service

Despite the crypto and NFTs market downturn, Seba bank is still bullish on these digital assets in the coming years. Seba Bank has just launched a new custody platform that enables its customers to store tokens from Ethereum-based Non-fungible token (NFT) collections.

The financial institution is the first regulated bank to offer an NFT custodial service. Seba bank aims to provide its customers with a secure service for storing Ethereum-based NFTs without managing their private keys themselves. Instead, the feature is integrated into the customers’ bank accounts. This allows the customers to include their NFTs in their total wealth picture and manage it like any other digital asset. 

The storage of tokens on the regulated custody platform started on the 26th of October. This service is not just limited to blue-chip collections such as CryptoPunks and Bored Ape Yacht Club, and it is for all Ethereum-based NFTs. The firm stated: “There is no marketplace integration with Seba Bank at this time.” However, the company will perform due diligence at the client’s request before deciding whether to provide custody for a certain NFT or not. 

About Seba Bank

Seba Bank is a major crypto-focused financial institution in Switzerland known for its close cooperation with local regulators. The bank, founded in 2018, started as a crypto banking service before expanding into crypto trading and custody for institutional investors.

In 2019, the firm became the first digital asset company to receive a banking and securities dealer license from the Swiss Financial Market Supervisory Authority(FINMA). In 2021, the regulator also granted Seba Bank a certified information system auditor license. This enabled the firm to facilitate an institutional-grade custodian service. 

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