Deutsche Bank has officially launched its digital asset custody service for institutional and corporate clients, allowing them to securely store cryptocurrencies such as Bitcoin and Ethereum.

The bank initially announced the project in September, and now the service is live for paying customers.

Deutsche Bank also signed an agreement with its majority-owned asset manager, DWS, to explore further cooperation in the digital asset space.

My take: This is generally good news. It shows that crypto is finally getting more adoption from major traditional banks. It also signals that banks risk falling behind their competitors if they don't start offering digital asset services. Many traditional banks are already playing catch-up and have only recently started moving into this market.