Swiss Bank SEBA First to Offer NFT Custody
SEBA Bank launched an institutional-grade NFT custody solution today, according to its press release from this morning.
This makes SEBA the "first regulated bank" to offer an NFT custody solution within a bank account.
The bank offers its NFT services to both individuals and institutions, allowing storage of ERC-721 NFTs, which is the common standard for Ethereum "blue chip" NFTs such as CryptoPunks, Bored Ape Yacht Club, and several others. Clients are able to include their NFTs in their overall wealth management package at the bank and manage them like any other digital asset.
“We enable all of our clients to handle traditional and digital assets securely," said Co-Head of Markets & Investment Solutions of SEBA Bank Urs Bernegger. "We have the knowledge, established processes, and above all, a custody solution…established by independent bodies."
SEBA Bank is no stranger to digital assets, already offering trading in 16 cryptocurrencies, crypto staking, and institutional-grade custody solutions. They offer "independently audited hot and cold storage" custody solutions for both digital assets and private keys.
Over $100M in NFTs have been stolen since July 2021, in what is widely known to be one of the most pressing issues facing the NFT industry. While there are arguments to be made about custody going against the decentralization ethos of this asset class (i.e. not your keys, not your NFTs), there is certainly a cohort of users who will welcome these solutions.
SEBA is not the first institution to tackle this problem (though they are the first regulated bank), as US-based BitGo launched its NFT custody solution back in July 2022. BitGo offers hot wallet and custody solutions for both ERC-721 and ERC-1155 NFTs to an institutional client base.