Credit Suisse issues Ethereum NFTs to raise funds for women’s football
Credit Suisse customers will be able to buy the Ethereum NFTs through the bank’s app, but they won’t be able to be resold just yet
Michael Derrer Fuchs/Shutterstock modified by Blockworks
Banking institution Credit Suisse has teamed up with the Swiss Football Association to issue non-fungible tokens (NFTs) on Ethereum to support the women’s team.
The NFTs, a collection of 756, will be tied to digital artistic representations of Swiss women’s national football players. Credit Suisse-backed digital asset startup Taurus has helped with infrastructure.
“By implementing the project, Credit Suisse is setting another milestone in the development of the Swiss digital assets market,” the bank said in a press release.
All funds raised from NFT sales will go to the Swiss Women’s National Team and chosen youth initiatives focusing on girls football.
Under the partnership, the Swiss Football Association is the issuer and the seller of the NFTs, while Credit Suisse — acquired by Swiss investment bank UBS last month — is managing sales on behalf of the association.
The NFTs will be on sale from July 11 to August 31 on Credit Suisse’s CSX digital banking app. This means the NFTs are only available to residents of Switzerland with a client relationship with the bank.
Tokens are divided into three categories — Unique, Rare and Limited — each offering its own extra perks, such as autographed jerseys or the opportunity to have an exclusive meet-and-greet session with the players.
Payments will only be accepted in Swiss francs, not cryptocurrencies. Buyers won’t be able to resell or even transfer their NFTs outside of the CSX app, but Credit Suisse said it was looking to add that functionality further down the line.
Sandra Caviezel, head of partnerships and sponsorship at Credit Suisse, said any funds raised will not only directly support the women’s national team but also contribute to nurturing young talent.
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