Bitget has unveiled the Open Custody Network (OCN), a new infrastructure designed to separate asset custody from exchange trading. The network connects banks and institutional-grade custodians with Bitget's trading systems, allowing eligible users to trade while their assets remain with external providers.
The initiative tackles a long-standing structural issue in the cryptocurrency exchange industry: the concentration of custody and trading on a single platform. Traditionally, users had to transfer assets to an exchange to trade, which meant the exchange held both the assets and the execution venue.
With OCN, users can maintain custody of their assets with participating external providers while accessing Bitget's spot, margin, and futures markets. This is achieved through asset mirroring, which allows trading without the underlying assets being held directly in exchange custody.
For market makers, asset managers, and other institutions, the network offers a practical way to manage custody concentration risk while deploying externally held assets across trading strategies. The result is greater custody flexibility and the ability to put externally held assets to work.
Bitget CEO Gracy Chen emphasized the shift in approach: "We challenge the assumption that users must place their assets in an exchange's custody to access its trading capabilities." She added that the proposition, 'Assets in Bank, Tradings on Bitget', puts custody choice at the centre of the approach, offering world-class liquidity and capital efficiency with lower barriers and no compromise on custody.
The launch comes as Bitget continues to expand its institutional offerings. Earlier, the exchange reported a Q3 trading volume of $1.86 trillion, reflecting growth in cross-asset trading. The company has also been active in tokenization and institutional partnerships, including a study with Reality and Keyring on DeFi equity basis strategies.
OCN is part of a broader trend toward separating custody from trading, a model that could appeal to institutional investors seeking to reduce counterparty risk. By allowing assets to stay with banks or custodians, Bitget aims to lower barriers to entry and provide more equitable access to financial services.
The network is open to all eligible users, with no specific geographic restrictions mentioned. Bitget has not disclosed the number of participating custodians or the timeline for full rollout, but the initiative signals a strategic move to differentiate its platform in a competitive market.
This article is for informational purposes only and does not constitute financial advice.
