South Korean blockchain security company Uppsala expands into NFT custody space »CryptoNinjas

Uppsala security, providing Encrypted security tools and services AML/CTF, transaction risk management, regulatory compliance, transaction tracking and network security, recently announced the expansion of its business in the field of NFT (non-fungible token) custody.

In recent months since the exponential expansion of the NFT space, there have been many cases of damage to assets when using markets dedicated to NFTs. Among them, pirated and counterfeit artworks accounted for a large proportion of the related losses. For example, in September 2021, pirated NFTs were sold for approximately US$400 million, falsely claiming to be related to the famous British artist Banksy.

Witnessing such incidents and malicious activities clearly shows that the market needs a service that not only provides the authenticity and original authentication of the artwork, but also provides NFT liquidity and secure storage. Uppsala Security’s NFT hosting service can support these needs at the same time.

According to Uppsala Security, users who benefit from the service will be able to store the original NFT through the custodial service and freely use individually packaged tokens for transactions, just like wBTC (packaged Bitcoin) on the Ethereum blockchain. Uppsala Security can be considered as a highly secure “art museum” where users can trade through the market like actions without any obstacles. Through this structure, users can entrust their artworks to a highly secure entity similar to an art gallery, while directly participating in NFT transaction auctions.

In addition, Uppsala Security released NFT, which includes virtual asset tracking and damage compensation services, and has been registered on Opensea as part of its entry into the NFT market.

Sentinel NFT on OpenSea

For Uppsala Security, the plan aims to achieve two goals: to provide liquidity and stability.

By allowing users to participate in NFT distribution while using custodial services, and alleviating the anxiety of being solely responsible for accessing NFTs, the stability of NFT assets can be improved.

At the same time, Uppsala Security continues to provide anti-money laundering solutions for virtual asset service providers (VASP) and help Recovery of damaged virtual assets.

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