SEBA Bank introduces regulated custody for Ethereum NFTs

In Brief

Zug-based SEBA Bank now offers custody for blue-chip NFTs

The bank supports only ERC-721 tokens

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Swiss bank SEBA introduces a custody service specialized in NFTs. Now, SEBA’s clients have the opportunity to deposit Ethereum-based NFT collections in their bank accounts, just like other types of digital assets. The new feature gives customers the possibility to hold valuable NFTs without having to manage private keys. The bank, on the other hand, will include the tokens in the total wealth picture of its clients. 

In 2021, SEBA became one of the first Swiss banks to receive an institutional license for digital assets’ custody. Today it has become the first regulated bank to work with non-fungible tokens. 

Clients can only deposit ERC-721 tokens, but most blue-chip NFTs are based on this token standard. In addition, SEBA offers support in crypto-related services, such as trading in over sixteen cryptocurrencies, crypto staking, and digital assets investment solutions. 

“As a licensed and FINMA-regulated Swiss bank with core competence in cryptocurrencies and digital assets, we enable all of our clients to handle traditional and digital assets securely. We have the knowledge, established processes, and above all, a custody solution that is ISAE 3402 certified and established by independent bodies. The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support our clients with our expertise in expanding our service by offering NFT custody,”

says the Co-Head of Markets & Investment Solutions of SEBA Bank, Urs Bernegger. 

Notably, the fintech bank is headquartered in Zug, the Swiss “crypto valley,” where residents can pay taxes with Bitcoin and Ethereum. The small town close to Zurich also offers business-friendly legislation and domiciles many crypto developers, lawyers, and consultants. 

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Valeria Goncharenko

Valeria is an Italy-based writer passionate about Web3 and innovation. She is getting her second Major in International Business Management while dedicating her spare time to photography and fashion.

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