Key facts
- Bitget said the network lets users keep assets with participating third-party custodians and banks while trading on its markets.
- The exchange said an asset-mirroring mechanism separates custody from trading and covers spot, margin and futures.
- Bitget said the terms target institutional clients including market makers and asset managers.
- CEO Gracy Chen said the offering challenges the assumption that users must place assets in an exchange's custody to trade.
Bitget announced the launch of its Open Custody Network, an offering that connects external custodians and banks to the exchange's crypto trading platform. The exchange said eligible users can trade on Bitget's markets without transferring their assets directly to Bitget.
The network splits custody from trading. Participants can hold digital assets with participating third-party custodians while using Bitget's platform, with an asset-mirroring mechanism providing independence of custody providers from the exchange. Bitget said the assets can be used for spot, margin and futures trading.
The terms are aimed at institutional clients. Bitget said market makers, asset managers and other professionals can keep their preferred providers as custodians while using those assets in trading strategies on its platform.
Bitget CEO Gracy Chen said the move departs from the standard practice of entrusting assets to an exchange's custody to use its trading platforms. "We challenge the assumption that users must place their assets in an exchange's custody to access its trading capabilities," Chen said. She added that the proposition puts custody choice at the center of the approach.