Crypto exchange Bitget new partnership
One of the world’s largest trading exchanges for cryptocopy, Bittenhas announced a strategic partnership with SxT, Space and timeitself a leader in decentralized data warehouse.
This partnership will enable Bitget to offer its users absolute transparency about exchange transactions with a verifiable audit trail that is tamper-proof for data and calculations.
Bitget is the first centralized crypto exchange to utilize a decentralized data warehouse. The Space and Time platform will provide Bitget users with verifiable proof that the exchange holds the assets it claims to hold on behalf of its clients.
Bitget users will also have full transparency about the activity, liquidity, assets and liabilities of the exchange with confidence that the data and calculations that power the exchange are accurate and have not been tampered with.
Bitget: the crypto exchange’s successful partnership
Bitget, founded in 2018, is a leading global cryptocurrency exchange with futures trading and copy trading services as its main features.
Serving more than 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure one-stop trading solution.
The exchange is also enticing people to embrace cryptocurrencies through collaborations with team partners, including legendary Argentine soccer player Lionel Messi, leading Italian soccer team Juventus and official eSports organizer PGL.
According to CoinGecko, Bitget is currently one of the top 5 futures exchanges and one of the top 10 trading platforms.
On Bitget’s website it is possible to access Proof of Reserves where it demonstrates to users that the platform has full reserves, i.e. that the clients’ assets are always withdrawable and have not been lent or reinvested.
Bitget’s Proof of Reserves (“PoR”), which uses the Merkle Tree method of cryptographic verification, will also verify that users’ assets stored on the platform are safeguarded.
In order to support further transparency, the exchange will thus collaborate with Space and Time, which allows Bitget to deliver accounting evidence and assure users that all the exchange’s transactions are valid and verifiable. The total reserve rate is 231% according to data as of March 6, 2023, which means that Bitget has over 100% of total user assets across BTC, ETH, USDT, and USDC.
Gracy Chen, CEO 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 towards transparency of proof for accounting and operations through space and time. We aim to inspire people to embrace crypto with more protection, transparency and security, which act as pillars to build a robust platform.”
The new partner Space and Time
Space and Time is Web3’s first native decentralized data warehouse that combines tamper-proof on-chain and off-chain data to provide business use cases for smart contracts.
Space and Time has developed a new cryptography called Proof of SQL™ that allows developers to connect analytics directly to smart contracts, opening up a wide range of powerful new use cases and business logic based on blockchain technology.
It is built from the ground up as a multi-chain computing platform for Web3 developers in financial services, GameFi, DeFi or any project that requires next generation analytics.
Nate Holiday, CEO and co-founder of Space and Timeso:
“Space and Time builds the foundation for a verified and transparent financial economy. We are excited to partner with Bitget to provide market-leading proof of accounting and verifiability of operations. This partnership marks a new era of transparency for centralized businesses.”
Bitget will utilize the spatial and temporal data warehouse to perform auditable calculations against auditable data in the chain and off-chain. 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.
