Uppsala Security, a provider of Security tools and services for crypto AML / CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking and Cybersecurity recently announced the expansion of their NFT (non-fungible token) business.
In the past few months since the NFT space has grown exponentially, a number of asset-related cases have been encountered while using NFT marketplaces. Pirated copies and counterfeit works of art make up a large part of the associated damage. For example, pirated NFTs falsely claiming to be related to famous British artist Banksy sold for about $ 400 million in September 2021.
With such incidents and malicious activity, it was a clear sign that the market needed a service that would not only provide the authenticity of the artwork and original authentication, but would also provide the liquidity and secure storage of the NFTs. Uppsala Security’s NFT Custody Service is able to meet these requirements at the same time.
According to Uppsala Security, the users who benefit from this service can save the original NFTs via the Custody Service and trade freely with the separately wrapped token, as in the example of wBTC (Wrapped Bitcoin) on the Ethereum blockchain. Uppsala Security could be seen as a highly secure “art museum” and users can act via the marketplace in a similar way to actions without barriers. Through this structure, users can entrust their works of art to a highly secure instance similar to an art museum and at the same time take part directly in the NFT trade auction.
In addition, Uppsala Security issued the NFT, which includes the virtual asset tracking and claims compensation services, and registered it with Opensea as part of its entry into the NFT market.
Sentinel NFT on OpenSea
For Uppsala Security, this initiative has two goals: to provide liquidity and stability.
By allowing users to participate in the NFT distribution while using the custody service and removing the fear of being solely responsible for access to the NFTs, the stability of the NFT assets can be increased.
In the meantime, Uppsala Security Virtual Asset Service Providers (VASPs) continue to provide anti-money laundering solutions and help the recovery of damaged virtual assets.
More info:
