October 5, 2022

South Korean blockchain security firm Uppsala broadens into NFT custody area

2 min read

Uppsala Security, a service provider of security tools and services for crypto AML/CTF, transaction risk management, regulative compliance, transaction tracking, and cyber security, just recently announced the growth of their business in the NFT (non-fungible token) custody area.

In the recent months given that the NFT area broadened exponentially, a number of cases associated with damaged possessions emerged when using markets committed to NFTs. Amongst these, pirated and forged artworks use up a big percentage of the involved damage. As an example, in September 2021, pirated NFTs wrongly declaring to be connected to the popular British artist Banksy were sold for about $400 Million USD.

Witnessing such events and destructive activities, it was a clear indication that the market needed a service that not only offers the authenticity of the art pieces and original authentication however also provides the liquidity and safe storage of the NFTs. The Uppsala Security’s NFT Custody Service has the ability to support these demands, all at the very same time.

According to Uppsala Security, the users taking advantage of this service will have the ability to save the initial NFTs through the Custody Service and freely make a trade with the separately covered token, like in the example of wBTC(Wrapped Bitcoin)on the Ethereum blockchain. Uppsala Security could be considered as a highly secured “art museum” and the users can make a trade through the marketplace likewise to action, without any barrier. Through this structure, users can delegate their art work to an extremely safe entity similar to an art museum and directly participate in the NFT trading auction at the same time.

In addition, Uppsala Security released the NFT that includes the virtual property tracking and damage compensation services and has actually registered it on Opensea as part of its entry into the

NFT market. Sentinel NFT on OpenSea For Uppsala Security, this initiative desires accomplish 2 objectives: to offer both liquidity and stability. By enabling users to participate in NFT distribution while using the custody service and relieving the anxiety connected with being exclusively accountable for the access to the NFTs, the stability of NFT possessions can be increased.< p id= "0687"class="hk hl dw hm b hn ho hp hq hr hs ht hu hv hw hx hy hz ia ib ic id ie if ig ih dp bg" data-selectable-paragraph=""> Meanwhile, Uppsala Security continues to provide Anti-Money Laundering services to Virtual Asset Service Providers (VASPs) and aids with the recovery of damaged virtual properties.

More Info:

  • Sentinel NFT on OpenSea: https://opensea.io/collection/uppsalasecurity

Sentinel NFT User Guide: https://bit.ly/3EFBcEL The post South Korean blockchain security company Uppsala expands into NFT custody space appeared first on CryptoNinjas.