Bitget said Nov. 5 it had launched an Open Custody Network (OCN) for eligible users, allowing them to trade on its markets while holding assets with outside providers.
The company says asset mirroring connects external providers with its spot, margin and futures markets. Bitget identifies market makers, asset managers and other institutions as intended users, and presents the model as a way to reduce the concentration risk of keeping custody and trading on one platform.
Bitget CEO Gracy Chen said, “We challenge the assumption that users must place their assets in an exchange’s custody to access its trading capabilities.”
An Oct. 13 Bitget support notice had already described OCN as institutional infrastructure. It named six custody arrangements: Copper ClearLoop, Cactus Custody Oasis, Fireblocks Off Exchange, OSL MirrorEX, Bitfire PrimeMirror and Sygnum Protect. The Nov. 5 release did not name participating providers.
The earlier notice describes different settlement terms across the arrangements. Copper ClearLoop uses a configurable schedule with settlement every four hours. OSL MirrorEX settlement is triggered when losses reach or exceed 15% of total custodial assets.
The notice assigns settlement gas costs to Fireblocks clients, while OSL covers those costs for MirrorEX. It lists no settlement gas fees for Copper ClearLoop or Cactus Custody Oasis. Bitget also describes Sygnum Protect as a custody, pledge and loan structure.
The Nov. 5 release did not give general eligibility requirements, geographic availability or adoption figures. Bitget’s support notice says available products and functions vary by custody solution, so access depends on the provider arrangement.
