Uppsala Security, a provider of security tools and services for Crypto AML/CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking, and Cyber Security announced the expansion of their business in the NFT Custody area, a service that was “not available until now in South Korea.”
As mentioned in a release, we’ve all seen in recent months, since the NFT space expanded exponentially, an “overwhelming number of cases related to damaged assets emerged when using marketplaces dedicated to NFTs.”
Among these, “pirated and forged artworks take up a large percentage of the associated damage,” the Uppsala Security team wrote in a blog post.
In September 2021, “pirated NFTs falsely claiming to be related with the famous British artist Banksy were sold for about $400 million.”
As stated in the announcement:
“Witnessing such incidents and malicious activities, it was a clear sign that the market required a service that not only provides the authenticity of the art pieces and original authentication but also provides the liquidity and safe storage of the NFTs. The Uppsala Security’s NFT Custody Service is able to support these demands, all at the same time.”
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 an action, without any barrier.”
The update further noted that 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.”
The update also mentioned that Uppsala Security shared that this initiative “aspires to achieve two goals: to provide both liquidity and stability.”
By allowing users to “participate in the 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,” the release noted.
Meanwhile, Uppsala Security continues to offer AML solutions to Virtual Asset Service Providers (VASPs) and helps with “the recovery of damaged virtual assets.”
As covered, Uppsala Security built Sentinel Protocol, which is reportedly the first crowdsourced Threat Intelligence Platform powered by AI, blockchain tech, and machine learning.
Supporting the framework is a team of cybersecurity professionals who have developed solutions for Crypto AML/CFT, Transaction Risk Management (KYC/KYT), Transaction Tracking, Regulatory Compliance, and Cybersecurity “enabling organizations of every type and size to protect their crypto assets from malicious attacks and scams while meeting stringent regulatory compliance standards.”