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January 20, 2022
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South Korean blockchain security firm Uppsala expands into NFT custody space » CryptoNinjas

Uppsala Security, a supplier of security instruments and providers for crypto AML/CTF, transaction danger administration, regulatory compliance, transaction monitoring, and cyber security, lately introduced the growth of their enterprise within the NFT (non-fungible token) custody space.

In the current months because the NFT space expanded exponentially, quite a lot of instances associated to broken belongings emerged when utilizing marketplaces devoted to NFTs. Among these, pirated and cast artworks take up a big share of the related injury. As an instance, in September 2021, pirated NFTs falsely claiming to be associated to the well-known British artist Banksy had been offered for about $400 Million USD.

Witnessing such incidents and malicious actions, it was a transparent signal that the market required a service that not solely supplies the authenticity of the artwork items and authentic authentication but in addition supplies the liquidity and secure storage of the NFTs. The Uppsala Security’s NFT Custody Service is ready to assist these calls for, all on the similar time.

According to Uppsala Security, the customers benefiting from this service will have the ability to retailer the unique NFTs by the Custody Service and freely make a commerce with the individually wrapped token, like within the instance of wBTC (Wrapped Bitcoin) on the Ethereum blockchain. Uppsala Security could possibly be thought-about as a extremely secured “art museum” and the customers could make a commerce by {the marketplace} equally to motion, with none barrier. Through this construction, customers can entrust their art work to a extremely safe entity much like an artwork museum and immediately take part within the NFT buying and selling public sale on the similar time.

In addition, Uppsala Security issued the NFT that features the digital asset monitoring and injury compensation providers and has registered it on Opensea as a part of its entry into the NFT market.

Sentinel NFT on OpenSea

For Uppsala Security, this initiative aspires to attain two targets: to supply each liquidity and stability.

By permitting customers to take part in NFT distribution whereas utilizing the custody service and relieving the anxiousness related to being solely liable for the entry to the NFTs, the steadiness of NFT belongings might be elevated.

Meanwhile, Uppsala Security continues to supply Anti-Money Laundering options to Virtual Asset Service Providers (VASPs) and helps with the restoration of broken digital belongings.

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