Bitget establishes a strategic partnership with Space and Time, enhancing financial transparency

Source: Bitget & Space and Time

Bitget, a global leading cryptocurrency derivatives exchange and copy trading platform, has announced a strategic partnership with the leading decentralized database Space and Time (SxT). This collaboration will enable Bitget to provide users with transparent information about the exchange's operational status, as well as verifiable data and tamper-proof audit trails.

Bitget is the first centralized trading platform to utilize a decentralized database, and the Space and Time platform will provide verifiable evidence for Bitget users. Bitget users will be able to view information related to the exchange's activities, liquidity, assets, and liabilities, with Space and Time ensuring that the exchange's data and computations are accurate and untampered.

Bitget launched its proof of reserves page last year to show users its reserve status. Bitget's proof of reserves uses a cryptographic audit method called Merkle tree to secure the assets stored on its platform. To further enhance transparency, the exchange will collaborate with Space and Time, allowing Bitget to provide accounting proof and assure its users that all operations of the exchange are valid and verifiable. According to data from March 6, 2023, Bitget's total reserve ratio is 231%, indicating that Bitget holds over 100% of the total user assets (BTC, ETH, USDT, USDC).

"Bitget is committed to becoming a comprehensive global trading platform, and our partnership with Space and Time highlights our commitment in this regard," said Gracy Chen, General Manager of Bitget. "Users are more eager than ever to see transparency from exchanges. Bitget is the first to achieve accounting proof and operational transparency through Space and Time. Our goal is to encourage people to embrace cryptocurrency and provide more protection, transparency, and security, which are key to building a strong and stable platform."

Space and Time is the first decentralized database that connects on-chain and off-chain tamper-proof data. Space and Time has developed a new cryptographic technology called SQL proof, which cryptographically proves that the computations and data of queries are accurate and immutable.

"Space and Time is laying the foundation for a transparent financial economy," said Nate Holiday, CEO and Founder of Space and Time. "We are excited to partner with Bitget to provide market-leading accounting and operational verification proofs. This partnership symbolizes a new era of transparency for centralized enterprises."

Bitget will leverage the Space and Time database to perform verifiable computations on both on-chain and off-chain data. As Bitget continues to expand its product range, the transparency achieved through collaboration with Space and Time will help enhance user trust in Bitget.

About Bitget

Founded in 2018, Bitget is a world-leading cryptocurrency platform, primarily featuring contract trading and copy trading products, currently serving over 8 million users in more than 100 countries. Bitget is committed to providing users with a secure one-stop trading solution and enhancing the application of cryptocurrency through partnerships with legendary Argentine footballer Messi, Italy's leading football team Juventus, and the official esports event organizer PGL. According to Coingecko, Bitget currently ranks among the top five contract trading platforms and the top ten spot trading platforms globally.

About Space and Time

Space and Time is the first Web3-native decentralized database that connects on-chain and off-chain tamper-proof data, providing enterprise use cases for smart contracts. Space and Time has developed a new cryptographic technology called SQL proof, allowing developers to connect analytics directly to smart contracts, paving the way for a multitude of powerful new use cases and business logic on blockchain technology. As a multi-chain data platform built from the ground up, Space and Time is suitable for financial services, gaming, DeFi, or any Web3 developers needing next-generation analytics projects.