The Swiss Seba Bank has decided to provide digital asset custody. Swiss Seba Bank is now offering clients custody services for digital collectibles, the first time such a service has been offered by a major financial institution in Europe.
In an announcement today, Swiss Seba Bank said that it would offer secure storage of NFTs in its digital asset safekeeping system. The bank also said it had partnered with blockchain-based game outfit Decentraland to create a “collectible” token backed by fiat currency, which will be available later this month on the Ethereum Mainnet via an initial coin offering (ICO).
Digital collectibles have become one of the most popular use cases for blockchain technology. At first, digital collectibles were just limited to virtual items such as rare skins in video games.
Swiss Seba Bank Dish Out NFT
However, with the advent of blockchain technology and cryptocurrencies like Bitcoin (BTC) and Ether (ETH), digital collectibles have become more diverse and can now represent anything that users want them to be. Seba Bank, a Swiss bank that was founded in 2017 by former UBS Group AG investment bankers Andreas Amschwand and Alexandre Wispelaere-Pujol, has been using NFTs as part of its asset management services since last year.
Today they announced they are launching a custodial service allowing institutional investors to safely store their assets within cold wallets while offering easy access via hot wallets if needed.
Cryo-custody is a cold storage methodology employed by Swiss bank Seba that uses proprietary technology to protect digital assets. Cryo-custody differs from traditional cold storage methods in that it can be used to store both digital and non-digital assets, while remaining cost effective.
Seba said in a release shared with Cointelegraph today that its new custodial service allows users to “buy, sell, transfer, exchange and store many types of digital collectibles in a highly secure crypto environment.” The bank said that it uses a proprietary cold storage methodology to secure funds called “cryo-custody”.
Cryo-custody was developed by Seba after two years of research and development into how best to provide customers with secure solutions for storing their digital assets.
