For institutional traders, the gap between execution and final settlement is where counterparty risk lives. Caladan, Asia’s largest digital asset market maker, is narrowing that window by integrating BitGo’s Go Network, the firms announced Aug. 25, letting counterparties settle trades through a regulated custody network.
How it works
The Caladan Go Network integration means Caladan’s API Liquidity counterparties can now settle trades through the Go Network, an institutional settlement network built on BitGo’s qualified custody infrastructure. For counterparties that already hold BitGo accounts, settlement can be directed to the existing relationship without new onboarding, account setup or custody changes. The option is available immediately to all Caladan API Liquidity counterparties.
For Caladan’s counterparties, the option removes a layer of onboarding friction that has slowed institutional settlement in the past.
Why settlement quality matters
Settlement quality is one of the primary buying criteria for institutional crypto counterparties, because the choice of settlement venue determines counterparty risk exposure during the window between trade execution and final settlement. “Settlement is where institutional trust is earned or lost,” said John Gu, Caladan’s chief executive. “Our counterparties need to know that every link in the execution chain meets the same standard as the most regulated parts of their own operation.”
Abel Seow, a BitGo managing director, said the integration extends regulated settlement infrastructure to institutional participants in Asia. The move reflects a broader shift among market makers to route settlement through regulated custody rather than unregulated venues. BitGo has positioned the Go Network as settlement that carries the operational rigor institutions expect from traditional financial market infrastructure.
A market maker’s footprint
Caladan, headquartered in Singapore with teams across seven offices, says it has facilitated more than $170 billion in annual trading volume across 65-plus exchanges since 2017, spanning on-exchange market-making, OTC trading and DeFi liquidity. BitGo, for its part, operates multiple regulated entities including BitGo Bank & Trust, a national trust bank. The Go Network link adds to BitGo’s expanding regulated custody footprint, as institutional counterparties increasingly treat settlement infrastructure itself as part of their risk posture. The integration extends a settlement option that previously required a direct BitGo relationship, and Caladan said it is available immediately rather than on a phased schedule.
