One of the world’s largest crypto copy trading exchanges, Bitget, has announced a strategic partnership with SxT, Space and Time, itself a leader in decentralized data warehousing.
This partnership will enable Bitget to offer its users absolute transparency of exchange transactions with an auditable audit trail that is tamper-proof of data and calculations.
Bitget is the first centralized crypto exchange to leverage a decentralized data warehouse. The Space and Time platform will provide Bitget users with verifiable evidence that the exchange holds the assets it claims to hold on behalf of its clients.
Bitget users will also have full transparency into the activity, liquidity, assets, and liabilities of the exchange with confidence that the data and calculations powering the exchange are accurate and have not been tampered with.
Bitget: the crypto exchange’s successful partnerships
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 also entices people to embrace cryptocurrencies through collaborations with tier partners, including legendary Argentine soccer player Lionel Messi, the leading Italian soccer team Juventus, and official eSports event organizer PGL.
According to CoinGecko, Bitget is currently one of the top 5 futures trading exchanges and one of the top 10 spot trading platforms.
On Bitget’s website, it is possible to access the Proof of Reserves in which it demonstrates to users that the platform has full-reserves, i.e., that clients’ assets are always withdrawable and have not been lent or reinvested.
Bitget’s Proof of Reserves (“PoR”), which uses the Merkle Tree method with cryptographic verification, will also confirm that users’ assets stored on the platform are safeguarded.
To support further transparency, the exchange will thus work with Space and Time, which allows Bitget to provide accounting evidence and assure its users that all the exchange’s transactions are valid and verifiable. The total reserve ratio is 231% according to data as of 6 March 2023, which means Bitget holds over 100% of total user assets divided among 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 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.”
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 to smart contracts.
Space and Time has developed a new cryptography called Proof of SQL™ that allows developers to link analytics directly to smart contracts, opening up a wide range of powerful new use cases and business logic based on blockchain technology.
Nate Holiday, CEO and co-founder of Space and Time, said:
“Space and Time is building the foundation for a verified and transparent financial economy. 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 perform auditable calculations against on-chain and off-chain auditable 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.