Switzerland’s crypto-friendly bank SEBA has added the Ethereum-based NFTs custody solution, allowing customers to hold well-known NFTs without managing private keys. With this new custody service in SEBA, institutional investors will be able to keep Bored Apes NFTs and CryptoPunks within SEBA bank.
The NFT custody solution will also enable customers to store Ethereum-based non-fungible tokens, which could be any collection. SEBA Bank’s spokesperson said that SEBA Bank is proud to be the first regulated bank to offer NFT custody. SEBA believes that digital assets, such as NFTs, will gain adoption. They also think traditional finance operators will increasingly accept these digital assets.
Despite the decline in the NFT marketplace, digital assets are still attracting buyers, as last month, monthly sales topped $947 million. While the SEBA is targeting the so-called blue-chip portion of the market means those NFTs collections which are popular in the market. They are looking for NFTs that have maintained a high market value. Some of the best NFTs collections in this category are Bored Apes, CryptoPunks, and Clone X.
The reason behind searching for the blue-chip portion of the market is its steadiness despite low trading volumes. According to data from DappRadar, the trading volumes of blue chips dropped in the third quarter of this year, but their values remained steady.
The liquidity crunch caused by Terra’s collapse was also banished by the floor price of the top 11 blue-chip collections. The floor price means that in the NFT collection, the lowest price of an NFT.
The bank representatives also cited the previous market situation, in which the investors with NFTs remained unaffected. The bank representatives said that many investors who held NFTs have continued to stay in the market, showing conviction despite the market downturn, which shows that investing in NFTs is good.
About their custody service, bank representatives said it is a response to the uptick in institutional investors eyeing the NFT space. Representatives added that the market participants need a regulated custodian to ensure the security and integrity of NFTs.
However, the custodian service will be able to all those users of SEBA that are institutional or professional investors.
