Bitget, which is consistently ranked among the largest crypto copy trading platforms, has entered into a partnership with Space and Time (SxT), a platform focused on decentralized data warehousing.
The strategic partnership will allow Bitget to offer customers even greater transparency of exchange operations and activity with a verifiably tamper-resistant audit trail of data and related computation.
Bitget claims it’s among the first centralized exchanges to leverage the capabilities of a decentralized data warehouse. As explained in the announcement, the trustless Space and Time platform should provide Bitget customers with reliable evidence that the crypto exchange really does hold the crypto-assets it claims to own on behalf of its traders.
Bitget clients should have full transparency about the cryptocurrency platform’s activity, liquidity, assets, and liabilities with the confirmation that the data and related computation supporting the exchange haven’t been manipulated in any manner.
Even though the majority of centralized virtual currency exchanges share their proofs to confirm that their assets actually exist, the accounting of financial operations is usually handled in an opaque fashion. As noted in the update, Space and Time will enable Bitget to provide proof of accounting and assure its clients that all platform operations are not only valid but also verifiable.
Gracy Chen, MD of Bitget, explained that the crypto exchange strives to be a comprehensive and globally-accessible trading platform. Chen added that their collaboration with Space and Time indicates their firm commitment to that,
Chen further noted that now more than ever before, users are expecting to see a lot more transparency from crypto exchanges. He pointed out that Bitget is among the first in the nascent industry to work toward supporting greater transparency of proof of accounting and operations with assistance from Space and Time.
As mentioned in a release, Space and Time is reportedly the first decentralized data warehouse that combines tamper-resistant on-chain as well as off-chain data.
The announcement further revealed that Space and Time have implemented an innovative cryptography algorithm, referred to as Proof of SQL, and it essentially proves that query computations have been carried out accurately and that the query and associated data are tamper-resistant.
Nate Holiday, CEO and Co-Founder of Space and Time, said that the platform’s developers are creating the foundation for a verified and transparent financial economy. He added that they are looking forward to working closely with Bitget to provide proofs for accounting and verifiability of operations. He also noted that this strategic partnership marks a completely new era of transparency for centralized platforms.
Bitget will reportedly use the Space and Time data warehouse to perform relevant computations against verifiable on-chain and off-chain data. As explained in the update, the transparency allowed by Space and Time will help Bitget increase the trust it has developed with its customer base as it further expands its core product offerings to become a widely-used investment solution.
Established in 2018, Bitget claims that it’s one of the leading digital currency trading platforms with crypto futures trading and copy trading services as its main features.
Presently serving over 8 million customers in more than 100 different countries and jurisdictions, the platform’s management remains committed to helping customers trade seamlessly by providing a secure, robust trading solution.
The company also inspires traders and investors to embrace crypto-assets via major collaborations with prominent partners, including world-famous Argentinian footballer Lionel Messi, the Italian football team Juventus, as well as the eSports events organizer PGL.
According to the latest data from Coingecko, Bitget is a top-5 futures trading platform and a top-10 spot trading exchange.
As noted in the announcement, Space and Time is reportedly among the first Web3-focused decentralized data warehouses that leverage tamper-proof on-chain and off-chain data to provide enterprise use-cases to smart contracts.
Space and Time has created a cryptography solution, called Proof of SQL, and it’s unique because it allows developers to connect sophisticated analytics to smart contracts, opening up powerful applications and business logic on distributed ledger technology.
Space and Time has reportedly been built from the ground up as a multichain data platform for Web3 architects specializing in financial services, gaming, decentralized finance (DeFi), or any project needing sophisticated analytics.
