Uppsala Security, a provider of security tools and services for AML/CTF cryptocurrencies, transaction risk management, regulatory compliance, transaction tracking and cybersecurity, recently announced the expand their business in NFT custodial services.
South Korean blockchain security firm Uppsala Security expands to NFT
In recent months since the NFT space has grown in popularity, a number of cases involving impersonated assets have emerged using NFT-specific platforms. Of these, counterfeit and pirated works of art accounted for a large proportion of the associated damages. For example, in September 2021, pirated NFTs claiming to be related to popular British artist Banksy were sold for around $400 million.
Witnessing such incidents and fraudulent activity, it is a clear sign that the market needs a service that not only provides authenticity of original works of art and authenticity while also providing authenticity. liquidity and safe storage for NFTs. Uppsala Security's NFT custody service can support all of these requests at once.
According to Uppsala Security, users who benefit from this service will be able to store native NFTs through the Custodian Service and freely conduct transactions with their own bundled token. Uppsala Security can be considered as a highly secured “art museum” and users can make transactions through the action-like market without any barriers. Through this structure, users can entrust their artwork to a highly secure entity similar to an art museum and directly participate in the NFT transaction auction at the same time.
Additionally, Uppsala Security released NFTs including digital asset tracking and compensation services, and registered on OpenSea as part of its entry into the NFT space.
For Uppsala Security, this initiative aspires to achieve two goals, which is to provide both liquidity and stability.
By allowing users to participate in the distribution of NFTs while using custodial services and reducing the anxiety associated with being solely responsible for accessing NFTs, the stability of NFT assets can be increased .
Meanwhile, Uppsala Security continues to provide AML solutions to Digital Asset Service providers (VASPs) and helps recover damaged digital assets.