SEBA Bank Offers NFT Custody amid Market Uncertainty

SEBA Bank, a Zug-headquartered digital asset banking platform, launched a non-fungible tokens (NFTs) custody solution on Wednesday to secure clients’ assets. The newly announced service includes every Ethereum-based NFT, including ‘blue chips’ like CryptoPunks and Bored Apes collections.

Non-fungible tokens are
blockchain-based and represent digital value in the form of items, videos, images or
online games. NFTs became popular in 2021 among artists, gamers, athletes and investors, who are currently looking for professional management of their assets. SEBA Bank wants to provide them with suitable solutions, although the industry itself is feeling the cold breeze of the ‘cryptocurrency winter’.

“As a licensed and FINMA-regulated Swiss bank with core competence in cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded…