Thursday, 28 March 2024
Trending

Crypto News

Bitget now offers financial transparency through Space and Time

Bitget now offers financial transparency through Space and Time

Key takeaways

  • Bitget has entered a strategic partnership with Space and Time.

  • The crypto exchange has become the first trading platform to take advantage of a decentralised data warehouse. 

  • Bitget has also launched a Proof of Reserves page on its platform to boost transparency. 

Bitget partners with Space and Time

Bitget, the largest crypto copy trading platform, announced earlier today that it has entered into a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. 

According to the press release shared with Coinjournal, Bitget said the partnership would enable it to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation. 

Thanks to this latest development, Bitget has become the first centralised exchange to take advantage of a decentralised data warehouse. The exchange said Space and Time would provide its users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients. 

In addition to that, Bitget users will have full transparency about the exchange’s activity, liquidity, assets, and liabilities. Users would have a full assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.

Bitget launches its PoR page

This latest cryptocurrency news comes after Bitget launched its Proof of Reserves Page, demonstrating to users that it is a full-reserve exchange. 

The exchange’s Proof of Reserves (“PoR”) leverages the cryptographic-audited Merkle tree method and also validates that users’ assets stored on the platform are safeguarded. 

Bitget confirmed that the total reserve ratio on its platform as of March 6th, 2023 stands at 231%. This implies that Bitget currently holds more than 100% of the user’s total assets (BTC, ETH, USDT, USDC). 

Some crypto exchanges, including Binance and OKX, have released Proof of Reserve reports a few times over the last couple of months. 

While commenting on this latest development, Gracy Chen, Managing Director of Bitget, said;

“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 the first to work toward transparency of proof of…

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…