Bitget has launched its Open Custody Network, a service that enables eligible users to access the platform’s spot, margin, and futures markets without transferring assets into the exchange’s own custody. The network links balances held at external banks and institutional custodians to Bitget’s trading infrastructure through an asset-mirroring mechanism.

The offering targets market makers, asset managers, and other institutional participants who prefer to retain their existing custody relationships. Users can deploy those holdings across supported trading strategies while the underlying collateral remains outside the exchange.

How Asset Mirroring Separates Custody from Execution

In standard centralized exchange models, traders deposit cryptocurrencies into wallets controlled by the platform before placing orders. The Open Custody Network changes this structure. Participating custodians maintain the assets, and mirrored balances grant access to Bitget’s liquidity and order books.

Supported products include spot, margin, and futures trading. Availability for any given client depends on the chosen custody provider and the specific settlement terms in place. Bitget stated that the arrangement gives institutions greater flexibility over where funds are held and how they are allocated across strategies.

Chen described the approach as “Assets in Bank, Tradings on Bitget,” noting that it aims to deliver liquidity and capital efficiency while preserving the user’s choice of custodian.

Existing Partnerships and Varied Settlement Models

The network expands Bitget’s prior institutional custody arrangements. These include Copper ClearLoop, Cactus Custody Oasis, Fireblocks Off Exchange, OSL MirrorEX, Bitfire PrimeMirror, and Sygnum Protect.

Settlement approaches differ by provider. Copper ClearLoop enables eligible assets held in its framework to support trading credit on Bitget and multi-venue access. Cactus Custody Oasis supports spot, spot margin, and futures with settlement every eight hours through off-chain transfers. Bitfire PrimeMirror settles daily at 10:00 UTC+8. OSL MirrorEX triggers settlement when trading losses reach at least 15 percent of custodial assets. Sygnum Protect allows clients to pledge assets held with the Swiss bank, including Bitcoin, Ethereum, stablecoins, US dollars, and US Treasury bonds, to obtain financing for eligible trading activity. Processing of such requests typically takes about one business day via the client’s relationship manager.

Context of Institutional Demand and Recent Events

Bitget positioned the launch as a response to institutions seeking to limit concentration of assets on trading platforms while still accessing deep liquidity. The company continues to publish reserve reports. Its October 30 disclosure showed an overall reserve ratio of 115 percent across covered customer assets.

The announcement follows a September security incident in which Bitget reported a $387.5 million breach involving hot and warm wallet infrastructure. The exchange restored major cryptocurrency withdrawals, stated that customer account balances were unaffected, and indicated that its protection fund would cover the losses.

Traditional financial institutions have also expanded cryptocurrency custody offerings. Citigroup has outlined plans for institutional Bitcoin custody services under its Custody+ platform before the end of 2026, integrating digital assets into existing securities servicing frameworks.

Bitget’s Open Custody Network is intended primarily for professional and institutional users. Individual product access remains subject to the terms set by each participating custodian and applicable settlement arrangements.