Bitget now offers financial transparency through Space and Time

Bitget now offers financial transparency through Space and Time

By Hassan Maishera - min read

Key takeaways

  • Bitget has entered a strategic partnership with Space and Time.

  • The crypto exchange has become the first trading platform to take advantage of a decentralised data warehouse. 

  • Bitget has also launched a Proof of Reserves page on its platform to boost transparency. 

Bitget partners with Space and Time

Bitget, the largest crypto copy trading platform, announced earlier today that it has entered into a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. 

According to the press release shared with Coinjournal, Bitget said the partnership would enable it to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation. 

Thanks to this latest development, Bitget has become the first centralised exchange to take advantage of a decentralised data warehouse. The exchange said Space and Time would provide its users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients. 

In addition to that, Bitget users will have full transparency about the exchange’s activity, liquidity, assets, and liabilities. Users would have a full assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.

Bitget launches its PoR page

This latest cryptocurrency news comes after Bitget launched its Proof of Reserves Page, demonstrating to users that it is a full-reserve exchange. 

The exchange’s Proof of Reserves (“PoR”) leverages the cryptographic-audited Merkle tree method and also validates that users’ assets stored on the platform are safeguarded. 

Bitget confirmed that the total reserve ratio on its platform as of March 6th, 2023 stands at 231%. This implies that Bitget currently holds more than 100% of the user’s total assets (BTC, ETH, USDT, USDC). 

Some crypto exchanges, including Binance and OKX, have released Proof of Reserve reports a few times over the last couple of months. 

While commenting on this latest development, Gracy Chen, Managing Director of Bitget, said;

“Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that. More than ever, users want to see transparency from exchanges. Bitget is the first to work toward transparency of proof of accounting and operations through Space and Time. We aim to inspire people to embrace crypto with more protection, transparency and security, which serve as pillars for building a robust platform.”  

Nate Holiday, CEO and Co-Founder of Space and Time, added that

“Space and Time is building the foundation for a verified and transparent financial economy. We’re thrilled to work with Bitget to provide market-leading proofs for accounting and verifiability of operations. This partnership marks a new era of transparency for centralized businesses.”  

Bitget revealed that it would also use the Space and Time data warehouse to run verifiable computations against verifiable on-chain and off-chain data. 

Bitget has been around since 2018 and is one of the leading crypto exchanges in the world in terms of futures trading and copy trading services as its key features.

Meanwhile, Space and Time claims to be the first Web3-native decentralised data warehouse that joins tamperproof on-chain and off-chain data to deliver enterprise use cases to smart contracts.