Bitget Partners with Space and Time to Offer Financial Transparency

Early today, crypto copy trading platform Bitget announced its strategic partnership with Space and Time (SxT), a decentralized data warehouse. The two firms believe this collaboration will help Bitget offer unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation to its users.

Managing Director of Bitget Gracy Chen states, “Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that.”

According to the Bitget team, it is the first centralized exchange to leverage a decentralized data warehouse. The trustless Space and Time platform, the team says, will offer Bitget’s users verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients.

Bitget users will be able to experience complete transparency about the exchange’s activity, liquidity, assets, and liabilities with the assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.

Moreover, Bitget has launched its Proof-of-Reserves (POR) page to show that it is a full-reserve exchange. Bitget’s Proof of Reserves, which uses the cryptographic-audited Merkle tree method, will also validate that users’ assets stored on the platform are safeguarded.

To support further transparency, the exchange will work with Space and Time, which allows Bitget to provide proof of accounting and assure its users that all exchange operations are both valid and verifiable. Chen adds:

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.

Space and Time is the first decentralized data warehouse that joins tamper-proof on-chain and off-chain data. Expressing his excitement about the partnership, Nate Holiday, CEO and Co-Founder of Space and Time, says:

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.

As per data of March 6, 2023, the total reserve ratio is 231%, meaning that Bitget holds more than 100% of the user’s total assets as BTC, ETH, USDT, and USDC. Bitget assures that the transparency enabled by Space and Time will help Bitget strengthen the trust it has built with its growing user base.

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Whales and Dogecoin Whales Cash Out, Is Tamadoge a Better Investment

Image
Throughout 2022, Shiba Inu and Dogecoin have experienced huge price corrections, leading whales to cash out of the popular meme coins. While investors are looking for alternative meme investments, many are looking to invest in Tamadoge - a popular play-to-earn (P2E) cryptocurrency project.  Shiba Inu and Dogecoin Correction Since the beginning of 2022, the best shitcoins have been going through a large-scale price correction. Notably, Shiba Inu (SHIB) and Dogecoin have both witnessed huge price dips and have not performed as well as some of the other top cryptocurrencies. After starting August 2022 at $0.000012, Shiba Inu increased by 44% to $0.00001739. However, the cryptocurrency corrected back to the $0.000012 mark by the end of the month. On the other hand, Dogecoin also received a 24% price increase in the first 2 weeks of August before losing 27% of its valuation.  Shiba Inu and Dogecoin are trading 85% and 91% below their all-time high (ATH), respectively. The to
Read more

Buying Retik Finance (RETIK) now at $0.07 is as good as Buying Solana (SOL) for $2

Image
While investing, strategic investments often make the difference between witnessing substantial returns or missing out on transformative opportunities. One such promising project that has been gaining attention is Retik Finance (RETIK), currently available at an enticing $0.07 per token. Drawing parallels with the journey of Solana (SOL), which started at $2 and now trades at over $102, we delve into the reasons why buying Retik Finance at its current price point could be as advantageous as investing in Solana during its early stages. Solana's Impressive Trajectory Early investors who recognized Solana's potential in technology and team capabilities experienced extraordinary gains as SOL surged past the $2 mark by the end of 2020. Fast forward to today, SOL is trading at over $102.16, showcasing a staggering growth rate and positioning itself among the top cryptocurrencies by market capitalization. Retik Finance's Unique Value Proposition Retik Finance, currently
Read more

Expert Sees Bitcoin at $40k Amid Projection of BTC Backing US Dollars

Image
Todd Horwitz criticizes the US fiat currency system, calling it fraudulent. Horwitz supports Bitcoin inclusion in a basket of assets to back the US dollar. He sees Bitcoin price reaching $35,000 and then $40,000 over six months. In a recent interview with Todd Horwitz, Chief Market Strategist at BubbaTrading.com, the discussion shifted to the potential role of Bitcoin (BTC) as both a currency and commodity for backing the US dollar as political candidates advocate for a return to hard asset-backed currency. The interviewer Highlighted a fascinating trend among US 2024 presidential candidates, with Democratic candidate Robert Kennedy Jr. advocating backing the US dollar with hard assets like gold, silver, platinum, and even Bitcoin. Kennedy believed this move could stabilize the economy, curb inflation, and usher in a new American financial stability and prosperity era.  When asked about his thoughts on this trend, Todd Horwitz criticized the current fiat
Read more