Crypto firm Seba Bank targets storage of blue-chip NFTs

Quick Take

  • Seba Bank launched a custody solution for blue-chip NFT holders.
  • It wants to appeal to both those who view NFTs as an investment and crypto natives.

Crypto firm Seba Bank has started its first NFT service, an institutional-grade, certified and independently audited hot and cold storage custody product for blue-chip NFTs.

The rollout comes in response to demands from clients to store their NFTs with the bank alongside other crypto assets, such as Bored Ape Yacht Club, Cryptopunk and Clone X NFTs, which already have been approved. The bank said new collections will be added according to the needs of clients.

Seba Bank hopes to appeal to both investors who see NFTs as an asset class as well as crypto natives with its latest product. There’s a popular saying in crypto — “not your keys, not your bitcoin” — and those who abide by this mantra might balk at locking up their Apes or Punks with a third-party custodian. 

But Urs Bernegger, co-head of markets and investment solutions at Seba Bank, points to a growing cadre of NFT holders who feel more comfortable entrusting NFTs and private keys to an institution.

“They don't want the key because they don't even know how to store the key and handle the key. They're more afraid of doing something wrong with the key than giving it to a bank,” he said.

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