Bitget, the largest cryptocurrency exchange with futures trading and copy trading services, has announced a strategic partnership with Space and Time (SxT), a Web3-native decentralized data warehouse. The partnership will enable Bitget to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation.
Bitget is the first centralized exchange to leverage a decentralized data warehouse. The trustless Space and Time platform will provide Bitget users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients. Bitget users will also have full 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.
Bitget has launched its Proof of Reserves Page to demonstrate to users that it is a full-reserve exchange. Bitget’s Proof of Reserves (“PoR”), 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. Total reserve ratio is 231% according to the data as of Mar 6th 2023, which means Bitget holds more than 100% of the users’ total 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 first decentralized data warehouse that joins tamperproof on-chain and off-chain data. Space and Time has developed a novel cryptography called Proof of SQL that cryptographically proves that query computations were done accurately and that both the query and the data are tamperproof.
“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.”
Bitget will leverage the Space and Time data warehouse to run verifiable computations against verifiable on-chain and off-chain data. The transparency enabled by Space and Time will help Bitget strengthen the trust it has built with its growing user base as it continues to expand its product offerings to become a one-stop investment solution.
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