Through a long-term strategic collaboration with cutting-edge decentralized data warehouse Space and Time (SxT), Bitget is going to advance trust in its reserves and operations. Assets, balances and liabilities will be tracked 24/7 with a newly launched solution by the two teams.
Bitget partners with Space and Time, announces new proof-of-assets system
According to the official announcement shared by Bitget, a top-tier crypto exchange and copy trading platform, it has entered into a partnership with Space and Time (SxT), a decentralized data warehouse. Bitget and SxT will work together to create verifiable and tamper-proof demonstration of Bitget's activity, liquidity, assets and liabilities.
👏 #Bitget has partnered with decentralized data warehousing leader, Space and Time (SxT)! @SpaceandTimeDB— Bitget (@bitgetglobal) March 27, 2023
The partnership will enable Bitget to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation. 🦾
With SxT, Bitget is able to reveal its proof-of-reserves mechanism. Equipped with the cryptographically secure Merkle tree method, it is set to validate that users' assets stored on Bitget's accounts are 100% safe. As of March 2023, Bitget's aggregated reserve ratio is 231%. Bitget holds far more assets than are locked by its customers who use Bitcoin (BTC), Ethereum (ETH), U.S. Dollar Tether (USDT) and USD Coin (USDC).
Gracy Chen, managing director of Bitget, stresses that this is the first partnership of this type and a crucial one for the stability and flexibility of the global Web3 ecosystem:
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.
As covered by U.Today previously, Bitget recently integrated TradingView tooling to advance the user experience of its traders. Now, Bitget displays both technical analysis and fundamental analysis instruments by TradingView.
More trust in centralized exchanges segment
Nate Holiday is excited by the prospects of the new partnership and its role in the evolution of the centralized exchanges segment in terms of scalability, security and trust:
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.
The Space and Time data platform will be leveraged by Bitget to run sophisticated computations against verifiable on-chain and off-chain data.
With SxT's instruments, Bitget is ready to push the barriers of transparency and data accessibility for all centralized crypto exchanges and copy trading platforms.
Amid the November 2022 uncertainty in crypto, Bitget increased its reserve funds to $300 million in order to guarantee its users a safe and secure trading experience.