The largest platform for copy trading of cryptocurrencies, Bitget, has established a strategic collaboration with Space and Time (SxT), a foremost supplier of decentralized data warehouses.
The partnership will enable Bitget to provide consumers with unrivaled exchange transparency through a verifiably tamper-proof audit trail of data and computation.
Bitget is the first centralized exchange to utilize a distributed data warehouse. The decentralized Space and Time technology will offer Bitget users with verifiable proof that the exchange has the assets it claims to own on behalf of its customers.
Bitget customers will be able to access comprehensive information about the exchange’s performance, financial stability, assets, and liabilities. They will have the confidence that the data and calculations supporting the exchange are precise and unmodified.
Bitget has established a page to prove to users that it is a full-reserve exchange. Additionally, Bitget’s employment of the cryptographically verified Merkle tree method in their proof of reserves (PoR) will confirm the security of the assets of the platform’s users.
In an effort to enhance transparency, Bitget will join forces with Space and Time. This partnership will enable Bitget to furnish evidence of accounting and guarantee its clients that all exchange transactions are legitimate and can be verified.
According to the data as of March 6, the overall reserve ratio is 231%, which indicates that Bitget owns more than 100% of the users’ total assets (BTC, ETH, USDT, USDC).
The managing director of Bitget, Gracy Chen, stated that the company endeavors to become a comprehensive global trading platform. Bitget formed a partnership with Space and Time to showcase its commitment to this objective.
According to Chen, there is a growing demand among users for transparency in exchanges. Hence, Bitget has pursued transparent accounting and operations through its collaboration with Space and Time. The company hopes to encourage cryptocurrency adoption by providing users with increased protection, transparency, and security, which are essential elements for developing a resilient platform.
Space and Time is the pioneering decentralized data warehouse that integrates immutable on-chain and off-chain data. Proof of SQL is unique cryptography created by Space and Time that cryptographically verifies that query calculations were performed accurately and that both the query and the data are tamper-resistant.
The CEO and co-founder of Space and Time, Nate Holiday, expressed that his company is establishing the basis for a credible and open financial system. Holiday stated that Space and Time are pleased to collaborate with Bitget to deliver superior evidence for accounting and validation of operations. He added that this partnership represents a novel transparency phase for centralized enterprises.
Bitget will leverage Space and Time’s data warehouse to perform verifiable calculations on both on-chain and off-chain data.
As Bitget continues to expand its product offerings to become a one-stop investing solution, the transparency made possible by Space and Time will aid in reinforcing the confidence it has with its growing user base.