SEBA bank, a Swiss bank that supports cryptocurrencies, has added an NFT custody solution that lets customers hold well-known NFTs without having to keep track of private keys.
The organization will let clients store all non-fungible tokens (NFTs) based on Ethereum, including popular collections like Bored Apes and CryptoPunks.
“SEBA Bank is proud to be the first regulated bank to offer NFT custody and we believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators,” a SEBA Bank spokesperson said.
Even though the NFT market has been going down since its peak in late 2021 and January of this year, people are still buying assets. For example, sales last month were more than $947 million.
SEBA wants to focus on the so-called “blue-chip” part of the market, which is made up of the most well-known NFT collections that have kept a high market value over time, like CryptoPunks, Bored Apes, and Clone X.
According to data from DappRadar, the number of blue chip trades fell in the third quarter of this year, but their prices stayed the same.
The death of Terra caused a shortage of cash, but the top eleven blue-chip collections were able to keep their floor prices. The floor price is the cheapest price for a non-financial asset (NFA) in a collection.
“A lot of investors who held NFTs have continued to stay in the market showing conviction despite the market downturn,” the bank’s representative said.
The custody service is a response to the growing interest in the NFT market from institutional investors. The representative also said that more cautious market participants need a regulated custodian to make sure that NFTs are “safe and sound.”
At first, both new and current SEBA customers can use the custody service. All clients must be institutions or people who work in the investment business.