Crypto custody has officially become a live Deutsche Bank business—not another pilot or future promise.

The bank’s digital-asset custody service is now operating for paying institutional and corporate clients in Europe.

What matters is the direction of travel. Deutsche Bank says it ultimately wants one regulated system covering custody, tokenisation and settlement, and it has begun exploring digital-asset collaboration with its asset-management arm.

Banks aren’t only considering whether to hold crypto anymore. They’re positioning themselves around the infrastructure through which tokenised assets could eventually move.

The infrastructure race is becoming much more interesting than the daily price race.