Bitget becomes the first centralized exchange to partner with Space and Time, elevating financial transparency to new heights
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Bitget becomes the first centralized exchange to partner with Space and Time, elevating financial transparency to new heights
Cryptocurrency derivatives exchange and copy trading platform Bitget has established a strategic partnership with decentralized database Space and Time (SxT).
Navigating Web3 tides with focused insightsBitget, a globally leading cryptocurrency derivatives and copy trading platform, has announced a strategic partnership with Space and Time (SxT), the leading decentralized database. This collaboration will enable Bitget to offer users transparent insights into exchange operations, providing verifiable data and tamper-proof audit trails for computations.
Bitget is the first centralized exchange to adopt a decentralized database. The Space and Time platform will deliver verifiable assurance to Bitget users, enabling them to access information on exchange activity, liquidity, assets, and liabilities. Space and Time ensures that all data and computations from the exchange are accurate and have not been altered.
Last year, Bitget launched its Proof of Reserves page, offering users visibility into its reserve holdings. Bitget’s Proof of Reserves uses a cryptographic auditing method based on Merkle trees to safeguard user assets stored on the platform. To further enhance transparency, the exchange will now collaborate with Space and Time to provide Proof of Accounting, assuring users that all exchange operations are valid and auditable. As of March 6, 2023, Bitget's total reserve ratio stood at 231%, meaning Bitget holds more than 100% of user assets (BTC, ETH, USDT, USDC).
"At Bitget, we are committed to becoming a fully transparent global exchange, and our partnership with Space and Time underscores this commitment," said Gracy Chen, Managing Director at Bitget. "Users today demand greater transparency from exchanges. By being the first to implement Proof of Accounting and operational transparency through Space and Time, our goal is to encourage broader adoption of cryptocurrency by delivering enhanced protection, transparency, and security—key pillars for building a robust and stable platform."
Space and Time is the first decentralized database that connects tamper-proof on-chain and off-chain data. It has developed a novel cryptographic technology called SQL Proof, which cryptographically verifies that query results and underlying data are accurate and unaltered.
"Space and Time is building the foundation for a transparent financial economy," said Nate Holiday, CEO and Founder of Space and Time. "We're excited to partner with Bitget to deliver market-leading proof of accounting and operational verification. This collaboration marks the beginning of 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 expanding its product offerings, the transparency enabled by this partnership will strengthen user trust in the platform.
About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency platform known for its futures trading and copy trading products. It currently serves over 8 million users across more than 100 countries. Committed to delivering secure, one-stop trading solutions, Bitget promotes cryptocurrency adoption through partnerships with global icons such as legendary Argentine footballer Lionel Messi, top Italian football club Juventus, and premier esports organizer PGL. According to Coingecko, Bitget ranks among the top five global futures trading platforms and top ten spot trading platforms.
About Space and Time
Space and Time is the first Web3-native decentralized database that connects tamper-proof on-chain and off-chain data to smart contracts, enabling enterprise-grade use cases. It has developed a breakthrough cryptographic technology called SQL Proof, allowing developers to directly connect analytics to smart contracts and unlocking powerful new applications and business logic on blockchains. Built from the ground up as a multi-chain data platform, Space and Time serves Web3 developers in finance, gaming, DeFi, and any project requiring next-generation analytics.
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