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Bitget has entered into a strategic partnership with Space and Time.
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A cryptocurrency exchange has become the first trading platform to utilize a decentralized data warehouse.
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Bitget also launched a Proof of Reserves page on its platform to increase transparency.
Bitget partners with Space and Time
Bitget, the largest crypto copy trading platform, today announced that it has entered into a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing.
According to a press release shared with Coinjournal, Bitget said the partnership will allow it to provide users with unparalleled transparency into exchange operations with a verifiable tamper-proof audit trail of data and calculations. rice field.
Thanks to this latest development, Bitget has become the first centralized exchange to utilize a decentralized data warehouse. The exchange said it will provide users with verifiable evidence that Space and Time holds assets that the exchange claims it owns on behalf of its clients.
On top of that, Bitget users have complete transparency into the exchange’s activity, liquidity, assets, and liabilities. Users can be fully assured that the data and calculations that power their exchanges are accurate and have not been tampered with.
Bitget Launches PoR Page
this latest cryptocurrency news After Bitget launched its proof of reserve page, it indicated to users that it was a full reserve exchange.
The exchange’s Proof of Reserve (“PoR”) leverages a cryptographically audited Merkle Tree methodology to also verify that user assets stored on the platform are protected.
Bitget has confirmed that the platform has a total readiness ratio of 231% as of March 6, 2023. This means that Bitget currently holds more than 100% of the user’s total assets (BTC, ETH, USDT, USDC).
Some cryptocurrency exchanges, such as Binance and OKX, Published Proof of Reserve Report Several times in the last few months.
Commenting on this latest development, Bitget Managing Director Gracy Chen said:
“Bitget aims to be an all-in-one global trading platform, and our partnership with Space and Time underscores our commitment to that. Bitget is the first company to move towards transparency in accounting and operational proof through space and time. We aim to encourage people to embrace crypto with more protection, transparency, and security.”
Space and Time CEO and co-founder Nate Holiday said:
“Space and time are building the foundation of a verified and transparent financial economy. We are pleased to work with Bitget to provide market-leading accounting and operational verifiability proof. This partnership marks a new era of centralized business transparency.”
Bitget also revealed that it uses a spatio-temporal data warehouse to perform verifiable computations on verifiable on-chain and off-chain data.
Bitget has been around since 2018 and is one of the world’s leading cryptocurrency exchanges in terms of futures trading and copy trading services as its main feature.
Space and Time, on the other hand, claims to be the first Web3-native distributed data warehouse that combines tamper-proof on-chain and off-chain data to deliver enterprise use cases to smart contracts.
