• NFT market in the basement for several months
• Swiss cryptocurrency banks continue to expand their offering
• Optimism about the future
Despite the turbulent cryptocurrency market, some players in the market are already preparing for the post-crypto-winter period. Zurich and Singapore-based Seba Bank and Sygnum have expanded their range of digital tokens.
New services in Sygnum
Sygnum, which claims to be the world’s first digital asset bank, launched several services in early November, including the issuance of non-fungible tokens (NFTs), conceptual advice and incubation. According to their press release, their NFT platform, Sygnum NFT, is targeted at large corporations, sports clubs and leagues, consumer brands, as well as high-profile artists who want to explore the potential of NFTs.
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The Sygnum NFT platform enables creators to sell NFTs in full compliance with applicable legal, regulatory, and tax requirements. In addition, it simplifies challenges such as tax and accounting treatment, converting cryptocurrencies into fiat, and technological hurdles. For publishers, Sygnum NFT offers a comprehensive solution that includes strategy, publishing, distribution, and collection management. You can receive sales proceeds in both fiat and cryptocurrencies. Sygnum assures NFT buyers that every publisher on the platform is thoroughly vetted and only curated content is allowed on the platform. To ease entry for first-time buyers, NFTs can easily be purchased with a credit card. In addition to launching the Sygnum NFT platform, the fintech is also offering its banking customers safe custody of NFTs. The aim of launching this product is to pave the way for non-financial players to enter the NFT field.
SEBA launches NFT service
At the end of October, Sygnum’s competitor SEBA Bank expanded its reach and now offers custody and custody of NFT values to private and institutional clients. All Ethereum-based NFTs can be securely stored on the SEBA platform – even “blue” collections of digital art such as Bored Apes, CryptoPunks or Clone X. NFTs are held in the customer’s account like other digital assets. This is the first service of its kind from a regulated bank in the world.
In the aftermath of the current cryptocurrency winter, NFT trading volume has plummeted this year, which is the reason for the price drop. However, NFTs continue to be created aggressively. Urs Bernegger, co-head of markets and investment solutions at SEBA Bank, is also optimistic about the future: “We believe that digital assets, including NFTs, will gain acceptance in the coming years and will be increasingly accepted by traditional financial services providers.” Quoted in “Blockchainwelt”.
finanzen.ch editorial office