Bitget has introduced the Bitget Open Custody Network, a framework that lets institutional clients reach its trading and liquidity infrastructure while keeping their assets with a third-party custodian of their choosing. The network links institutional investors, custody providers and asset partners, and covers spot, spot margin and futures trading, subject to client eligibility, the chosen custody arrangement and final agreements.
The move lands as institutions place more weight on custody, settlement and risk management when they allocate to digital assets. A survey of 351 institutions by Coinbase and EY-Parthenon found that 46% named improvements in institutional-grade infrastructure as a key driver of larger crypto allocations. Bitget's design separates asset custody from trade execution, giving institutions more say over how collateral is held and how trading operations are run.
Six custody and settlement partners
The network brings together six solutions: Copper ClearLoop, Fireblocks Off Exchange, Cactus Custody Oasis, Bitfire PrimeMirror, OSL MirrorEX and Sygnum Protect. Copper, Fireblocks, Cactus Custody, Bitfire and OSL supply third-party custody and off-exchange settlement (OES) routes, while Sygnum Protect uses a different structure built on custody, pledging and lending.
In a typical OES arrangement, eligible client assets stay with a third-party custodian or in a designated collateral account. Bitget extends trading credit under agreed terms, and profits and losses are settled through predefined on-chain or off-chain mechanisms. The arrangements differ in settlement schedules and operating requirements.
- Copper ClearLoop runs a configurable four-hour settlement schedule.
- Cactus Custody Oasis settles every eight hours.
- Bitfire PrimeMirror follows a daily settlement schedule at 10:00 UTC+8.
- Fireblocks Off Exchange uses on-chain net settlement, with clients covering gas fees.
- OSL MirrorEX has a loss-triggered settlement mechanism that activates when losses reach or exceed 15% of total custodial assets.
Custody models target different institutional needs
The network is meant to serve institutions with different trading strategies, compliance requirements and operational preferences. Copper ClearLoop is aimed at firms seeking multi-venue trading through a single custody relationship, while Fireblocks Off Exchange lets existing users keep their wallet policies, multiparty computation setup and approval workflows.
Cactus Custody Oasis and Bitfire PrimeMirror offer off-chain settlement structures for institutions looking to cut on-chain operational requirements. OSL MirrorEX targets institutions that prioritise Hong Kong's regulated digital asset custody framework. Sygnum Protect is intended for institutions needing bank-grade custody. Under that model, assets sit in a Sygnum Protect Portfolio and support trading through a pledge-and-loan mechanism rather than conventional mirrored trading credit. Sygnum is a FINMA-supervised digital asset bank with a Swiss banking licence. Specific trading scope, loan-to-value ratios, fees and risk parameters depend on the asset and onboarding arrangements.
Collateral and settlement risks remain
Bitget said institutions should weigh custody solutions against their existing providers, trading strategies, collateral requirements and risk policies. Account structures are another factor. Across most live OES routes, the master account is tied to the custody arrangement, while sub-accounts can trade under applicable rules. Profits and losses are generally aggregated and settled at the master-account level.
Deposit and withdrawal restrictions also vary. Some custody models limit standard on-chain transactions once custody mode is activated, while OSL supports deposits and eligible profit withdrawals subject to controls. Credit arrangements differ by provider: Copper, Cactus Custody, Bitfire and OSL offer 1:1 trading credit against eligible delegated balances. Fireblocks credit is set during onboarding and may be lower, while Sygnum uses asset-specific loan-to-value ratios.
Institutions must confirm eligible collateral, credit ratios, settlement procedures, fees, financing costs and regional restrictions before connecting to the network. The framework widens custody options, but it does not remove trading, counterparty, custody or settlement risks.
This article is for informational purposes only and does not constitute financial advice.
