As the market for cryptocurrencies continues to rise, several leading financial institutions have made concerted efforts to participate in the space. Just today, the Swiss-based Cryptocurrency Bank SEBA announced the launch of Non-Fungible Tokens (NFTs) custody.
All customers of the crypto-focused financial institution, both retail and institutional clients can now store any Ethereum-based NFTs. As of now, tokens from the most famous NFT collections like Bored Apes and CryptoPunks can be traded on the platform.
The launch happens to be the first of its kind amidst the tough times for the NFT market. Notably, SEBA is the first regulated bank to offer NFT custody.
SEBA remains one of the first few banks that is focused on digital assets and getting a custody license in Switzerland. Last year, the bank launched a program dubbed SEBA Earn that allowed customers to earn interest on their crypto savings. Customers were able to use their Ether (ETH) and Bitcoin (BTC) lending services to generate interest.
Consequently, private banking firm LGT Bank in collaboration with SEBA launched digital asset custody and trading services in May. Clients that have the license to use the new services must either be Liechtenstein or Switzerland-based.
SEBA Bank Executives bare their mind about the industry
Meanwhile, earlier in the year, Guido Buehler, CEO of SEBA Bank predicted that Bitcoin will reach a new high of $75,000 this year against all odds. However, that is yet to happen as the King Coin currently trades at $20,537.30.
Christian Borel, another SEBA Bank executive believes that clear crypto laws and regulations will scale global adoption. According to the Senior Executive Officer, more institutions will be willing to use crypto if clear rules are in place. Furthermore, he said institutional investors have always been interested in fresh investment options, and their enthusiasm for the crypto industry reflects this.
To this effect, the MiCA bill recently completed the tripartite deal needed for the implementation of the bill that will regulate the digital asset space in Europe after European Union lawmakers approved the bill. The law might become effective as soon as the start of 2024.
Also, Mairead McGuiness, EU’s financial service commissioner has charged its US counterpart to speed up its crypto laws to ensure global regulations.
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