Bitget launches Open Custody Network for trading without exchange custody

Bitget has launched its Open Custody Network (OCN), allowing eligible users to trade cryptocurrencies across its spot, margin, and futures markets while keeping their underlying assets with independent banks and institutional custodians. Summary Bitget has launched its Open Custody Network, allowing eligible users to trade cryptocurrencies while keeping their underlying assets with external banks and institutional custodians. The network uses asset mirroring to connect externally held assets with Bitget’s spot, margin and futures markets without requiring direct exchange custody. Market makers, asset managers and other institutional traders can use the service to manage custody concentration risks while accessing Bitget’s trading infrastructure. The launch builds on Bitget’s existing custody arrangements with providers including Copper, Cactus Custody, Fireblocks, OSL and Sygnum Bank. According to the company’s November 5 announcement, the new network connects external custody providers directly with Bitget’s trading infrastructure through an asset mirroring system that allows traders to access exchange liquidity without transferring their holdings into the platform’s custody. The ...