Swiss Seba Bank launches NFT custody despite market decline

The decline of the nonfungible tokens (NFT) market doesn’t seem to be a problem for the Swiss cryptocurrency-focused bank Seba as the firm now allows its customers to store NFTs.

Seba Bank has launched a regulated custody platform allowing its clients to store NFTs, the firm officially announced on Oct. 26. The NFT custody solution enables Seba Bank’s retail and institutional clients to store any Ethereum-based NFTs, including tokens from world-famous NFT collections like

Despite the NFT market downturn, many platforms and companies have been rolling out NFT-related solutions recently. Last month, MetaMask Institutional — the institution-compliant version of the MetaMask crypto wallet — announced the NFT addition to its custodial services offerings.

“A lot of investors who held NFTs have continued to stay in the market showing conviction despite the market downturn,” a spokesperson for Seba noted. According to the firm, the NFT space has continued to mature, with institutional investors launching NFT funds and financing new projects. “SEBA Bank is addressing the need for a regulated custodian that can guarantee the security and integrity of NFTs for professional and institutional investors,” the person added.