- Derivatives Trading Platform Bitget has announced its partnership with data warehouse Space and Time.
- Bitget is the first centralized exchange to leverage a decentralized data warehouse.
- Moreover, Bitget has launched its Proof-of-Reserves (POR) page to show that it is a full-reserve exchange.
Early today, crypto copy trading platform Bitget announced its strategic partnership with Space and Time (SxT), a decentralized data warehouse. The two firms believe this collaboration will help Bitget offer unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation to its users.
Managing Director of Bitget Gracy Chen states, “Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that.”
According to the Bitget team, it is the first centralized exchange to leverage a decentralized data warehouse. The trustless Space and Time platform, the team says, will offer Bitget’s users verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients.
Bitget users will be able to experience complete transparency about the exchange’s activity, liquidity, assets, and liabilities with the assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.
Moreover, Bitget has launched its Proof-of-Reserves (POR) page to show that it is a full-reserve exchange. Bitget’s Proof of Reserves, which uses the cryptographic-audited Merkle tree method, will also validate that users’ assets stored on the platform are safeguarded.
To support further transparency, the exchange will work with Space and Time, which allows Bitget to provide proof of accounting and assure its users that all exchange operations are both valid and verifiable. Chen adds:
Bitget is 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.
Space and Time is the first decentralized data warehouse that joins tamper-proof on-chain and off-chain data. Expressing his excitement about the partnership, Nate Holiday, CEO and Co-Founder of Space and Time, says:
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.
As per data of March 6, 2023, the total reserve ratio is 231%, meaning that Bitget holds more than 100% of the user’s total assets as BTC, ETH, USDT, and USDC. Bitget assures that the transparency enabled by Space and Time will help Bitget strengthen the trust it has built with its growing user base.
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Source: https://coinedition.com/bitget-partners-with-space-and-time-to-offer-financial-transparency/