Caladan, a Singapore-based market maker, has connected its API Liquidity service to BitGo’s Go Network. The move lets institutional counterparties settle trades through BitGo’s regulated custody network. The companies announced the integration on August 25.
For institutions, the period between trade execution and final settlement carries real counterparty risk. Choosing where that settlement happens matters. Caladan says its counterparties can now use Go Network without setting up new accounts or changing custody arrangements, as long as they already work with BitGo. The option is live immediately for all Caladan API Liquidity counterparties.
Less onboarding friction
In the past, institutional settlement often meant extra steps. If a counterparty wanted a regulated custody route, they might need to open a new relationship or move assets into a separate structure. That slowed things down. With this integration, counterparties with existing BitGo accounts can direct settlement to that account. Caladan removes one layer of friction from the process.
Why settlement quality matters
Settlement quality is a key factor for institutional crypto buyers. The choice of settlement venue controls how much counterparty risk sits in the window between execution and final settlement. Caladan’s chief executive, John Gu, put it plainly: settlement is where institutional trust is earned or lost. He said counterparties need every link in the execution chain to match the standards of the most regulated parts of their own operations.
BitGo’s managing director, Abel Seow, said the integration brings regulated settlement infrastructure to institutional participants in Asia. It also reflects a broader shift. More market makers are routing settlement through regulated custody rather than through venues outside that framework. BitGo has built Go Network as settlement infrastructure with the operational rigor that institutions expect from traditional markets.
Caladan’s footprint
Caladan is based in Singapore and has teams across seven offices. The firm says it has handled more than $170 billion in annual trading volume since 2017, across 65-plus exchanges. That covers exchange market-making, OTC trading, and DeFi liquidity. BitGo operates several regulated entities, including BitGo Bank & Trust, a national trust bank.
This integration adds another option to BitGo’s regulated custody network. For Caladan, it extends settlement flexibility to counterparties that previously needed a direct BitGo relationship. The service is available now, not on a phased rollout. That immediacy may matter for institutions that want to reduce settlement risk without waiting.
