Seba Bank has launched a regulated custody platform that allows its customers to store NFTs, which the company officially announced on October 26. The NFT custodial solution allows retail and institutional clients of Seba Bank to store any Ethereum-based NFT, including Bored Apes and CryptoPunks collection tokens. Urs BERNEGGER, co-head of markets and investment solutions at Seba Bank, stressed that Seba is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has a “core competence” in cryptocurrencies.
Seba’s new NFT storage platform is designed to provide its customers with secure NFT storage without the need to manage private keys themselves. This feature is integrated into customer bank accounts, allowing customers to include their NFTs in the total wealth picture and manage them like any other digital asset.
Seba Bank’s NFT custodial launch comes at a difficult time for the NFT market. NFT weekly trading volumes are down 98% year-to-date as of the end of September 2022. The average NFT price also fell sharply, with the average weekly trading volume of NFTs dropping by about 30% in September compared to August. On the other hand, the number of NFT wallets has grown this year, nearly doubling from 3.4 mln in January to 6.1 mln in September.