Bitget Cuts Out the Middle Custodian: OCN Links Banks, Third Parties and Trading

Bitget has launched the Open Custody Network (OCN), a system designed to connect external custodians and banks with the crypto exchange’s trading platform. Eligible users can trade on Bitget without transferring their assets directly to the exchange.

The network separates asset custody from trading. Participants can hold digital assets with participating third-party custodians while using the holdings for spot, margin and futures trading on Bitget. An asset-mirroring mechanism gives the exchange visibility into those assets while maintaining custody with the selected provider.

OCN is aimed at professional clients, including market makers and asset managers. These firms can retain their preferred custodians while using the same assets across Bitget’s trading services. The arrangement reduces the need to place underlying holdings in Bitget’s own custody before trading.

By allowing assets to remain with external providers, the network targets a central feature of the traditional centralized exchange model, in which users generally deposit assets with an exchange before accessing its trading services. Bitget did not disclose additional participation, rollout or eligibility details in the announcement covered by Kritika Mehta.