Uppsala Security, a leading provider of security tools and services for crypto AML/CTF, transaction risk management, regulatory compliance, transaction tracking, and cyber security, recently announced the expansion of their services in the NFT (non-fungible token) custody market, a service previously unavailable in South Korea.
As the NFT space has grown exponentially in recent months, a number of cases surrounding damaged assets have been reported when using NFT marketplaces. Among these, pirated and forged artworks account for the largest percentage of the damage. As an example, in September 2021, pirated NFTs falsely claiming to be related to the famous British artist Banksy were sold for about $400 Million USD.
As a result of such incidents and malicious activities, it was evident that the market needed a service that not only authenticates art pieces, but also provides liquidity and safe storage. The NFT Custody Service from Uppsala Security can meet these demands simultaneously.
According to Uppsala Security, the users benefiting from this service will be able to store the original NFTs through the Custody Service and freely make a trade with the separately wrapped 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 similarly to action, without any barrier. Through this structure, users can entrust their artwork to a highly secure entity similar to an art museum and directly participate in the NFT trading auction at the same time.
In addition, Uppsala Security issued the NFT that includes the virtual asset tracking and damage compensation services and has registered it on Opensea as part of its entry into the NFT market.
For Uppsala Security, this initiative aspires to achieve two goals: to provide both liquidity and stability.
By allowing users to participate in NFT distribution while using the custody service and relieving the anxiety associated with being solely responsible for the access to the NFTs, the stability of NFT assets can be increased.
Meanwhile, Uppsala Security continues to provide Anti-Money Laundering solutions to Virtual Asset Service Providers (VASPs) and helps with the recovery of damaged virtual assets.
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