Bitget joins forces with Space and Time to enhance exchange’s transparency

Bitget is partnering with Space and Time (SxT) to offer users transparency of exchange operations and reserves, ensuring that all exchange operations are valid and verifiable.

Bitget’s partnership enables tamper-proof auditing

The partnership with Space and Time makes Bitget the first centralized exchange to go beyond “proof of reserves” to “proof of accounting”, which allows it to offer verifiable, tamper-proof audit trails of data and computation.

By utilizing the cryptographic-audited Merkle tree method and partnering with Microsoft-backed Space and Time, Bitget’s Proof of Reserves Page provides verifiable evidence to users that the exchange is holding 100% of client assets. Bitget users will also have full access to transparent data about the exchange’s activity, liquidity, assets, and liabilities.

Space and Time is a web3-native decentralized data warehouse that combines tamper-proof on-chain and off-chain data to deliver enterprise use cases to smart contracts. Space and Time has developed a unique cryptography called Proof of SQL that utilizes the blockchain to prove each query computation was done accurately, and that both the query and the data are tamper-proof.

The Proof of SQL cryptography allows developers to connect analytics directly to smart contracts, opening up powerful use cases for business logic in blockchain projects.

Bitget’s partnership with Space and Time marks a new era of transparency for centralized cryptocurrency establishments. Nate Holiday, the 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 wants to build trust

Bitget was established in 2018 and offers futures trading and copy trading services as its key features. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

Bitget’s managing director, Gracy Chen, commented:

 “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 in exchanges. Bitget is the 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.”

Its partnership with Space and Time will strengthen the trust it has built with its growing user base, which currently serves over 8m users in more than 100 countries and regions.