Bitget, the world’s biggest cryptocurrency copy trading platform, has announced a strategic alliance with Space and Time (SxT), a pioneer in decentralized data warehousing. With a verifiably tamper-proof audit trail of data and computation, the cooperation will allow Bitget to provide consumers with an unmatched level of transparency in exchange operations.
The first central exchange to deploy a decentralized data warehouse is Bitget. Users of Bitget will have verifiable proof that the exchange really owns the assets it says it does on behalf of its customer’s thanks to the trustless Space and Time platform. With the knowledge that the data and computation powering the exchange are correct and unaltered, Bitget users will also benefit from complete transparency about the exchange’s activities, liquidity, assets, and liabilities.
To show users that it is a full-reserve exchange, Bitget has introduced its Proof of Reserves Page. Moreover, Bitget’s Proof of Reserves (“PoR”), which employs the Merkle tree approach with cryptographic auditing, will confirm that the assets that users save on the platform are secure. By collaborating with Space and Time, which enables Bitget to provide evidence of accounting and reassure its users that all exchange activities are legitimate and verifiable, the exchange will promote even more transparency. According to statistics as of March 6th, 2023, the overall reserve ratio is 231%, meaning Bitget retains more than 100% of the users’ entire assets (BTC, ETH, USDT, USDC).
“Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that,” said Gracy Chen, Managing Director of Bitget. “More than ever, users want to see transparency from exchanges. 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 world’s first decentralized data warehouse, bringing together tamperproof on-chain and off-chain data. Proof of SQL, unique cryptography created by Space and Time, cryptographically demonstrates the accuracy of query calculations and the integrity of the query and the data.
“Space and Time is building the foundation for a verified and transparent financial economy,” said Nate Holiday, CEO and Co-Founder of Space and Time. “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.”
In order to perform verifiable computations against verifiable on-chain and off-chain data, Bitget will make use of the Space and Time data warehouse. As it continues to broaden its product offerings to turn into a one-stop investing solution, Bitget will be able to deepen the confidence it has established with its expanding user base thanks to the transparency made possible by Space and Time.