Bitget announced the launch of its Open Custody Network (OCN) on November 5, 2026, a service that allows eligible institutional participants to trade on the exchange’s spot, margin and futures markets while retaining custody of their digital assets with third‑party banks and custodians. The network uses an asset‑mirroring mechanism that links balances held externally to Bitget’s order‑book, eliminating the need to transfer funds into the exchange’s own wallets.

How the Open Custody Network works

According to Bitget’s announcement, participating custodians connect directly to the exchange’s infrastructure, creating a mirrored collateral balance that can be used for trading credit. The system supports multiple settlement models: some providers, such as Copper ClearLoop, allow real‑time credit against held assets, while others, like Cactus Custody Oasis, settle every eight hours via off‑chain transfers. OSL’s MirrorEX triggers settlement when trading losses exceed 15% of the custodial assets, and Sygnum Protect enables financing against assets pledged at the Swiss bank.

Target audience and expected benefits

Bitget positions OCN as a solution for market makers, asset managers and other professional traders who need to diversify custody risk and preserve existing approval processes. By keeping assets with their chosen custodians, institutions can maintain regulatory compliance and internal controls while accessing Bitget’s liquidity and capital‑efficiency tools. CEO Gracy Chen said the offering “challenges the assumption that users must place their assets in an exchange’s custody to access its trading capabilities,” emphasizing the tagline “Assets in Bank, Tradings on Bitget.”

The launch follows a broader move by both crypto exchanges and traditional banks to separate safekeeping of digital assets from execution venues. Recent developments, such as Citigroup’s Custody+ platform, illustrate growing institutional demand for custodial services that integrate with existing financial infrastructure. Bitget’s OCN also arrives after the exchange recovered from a September security breach, during which it restored withdrawals and reported a 115% reserve ratio for covered customer assets.

What to watch next

Observers will monitor adoption rates among Bitget’s institutional clients and the performance of the mirrored‑balance settlement models. Additional custodians may be added to the network, potentially expanding coverage to more assets and jurisdictions. Regulatory scrutiny of off‑exchange custody arrangements could also shape how the service evolves, especially as banks deepen their involvement in crypto custody.