Crypto Exchange Bitget Now The First Centralized Digital Asset Platform To Provide Financial Transparency Via Space And Time
Bitget, which claims to be one the largest crypto copy trading platforms, has joined forces with Space and Time (SxT), a key player focused on decentralized data warehousing. The collaboration should allow Bitget to provide clients with greater transparency of exchange operations with a tamper-proof audit trail of data as well as computation.
Bitget is reportedly the first centralized digital currency exchange for taking advantage of a decentralized data warehouse. The “trustless” Space and Time platform should offer Bitget clients with verifiable evidence that the exchange actually holds the assets it claims to own on behalf of its customers.
As explained in the announcement, Bitget clients should have complete transparency regarding the crypto exchange’s activity, liquidity, platform assets, as well as liabilities with the assurance that the data and computation powering the platform are accurate and have not been altered in any way.
While most centralized cryptocurrency trading platforms release their proofs to assure clients that their assets actually exist, the accounting of financial operations and related processes are carried out via an opaque system. As noted in the update, Space and Time should enable Bitget to offer proof of accounting and assure users that exchange operations are legit and verifiable.
Gracy Chen, Managing Director at Bitget, said that the exchange aims to serve as a comprehensive international trading platform, and their strategic partnership with Space and Time confirms their commitment to that; Chen added that more than ever, users want to see greater transparency from exchanges. He also mentioned that Bitget is among the first to work toward more transparency of proof of accounting and operations through Space and Time.
Space and Time is reportedly the first decentralized data warehouse that joins tamper-proof on-chain and off-chain data. As explained in a release, Space and Time has implemented a cryptography algorithm known as Proof of SQL, which proves that query computations were completed reliably and that the query and data are actually tamper-resistant.
Nate Holiday, CEO and Co-Founder of Space and Time stated that the platform is developing the foundation for a verified and transparent financial economy. Holiday also noted that they’re quite pleased to work with Bitget to offer proof for accounting and verifiability of operations. He added that this collaboration marks a brand new era of transparency for centralized businesses.
Bitget will aim to leverage the Space and Time data warehouse to perform verifiable computations against verifiable on-chain and off-chain data. The transparency supported by Space and Time should assist Bitget with solidifying the trust it has developed with its fast-growing client base as it focuses on expanding its product offerings to become a comprehensive investment solution.
Founded back in 2018, Bitget claims it’s among the world’s leading virtual currency exchanges, with futures trading and copy trading services as its primary features. Currently serving more than 8 million clients in over 100 different countries and regions, the exchange is focused on helping people trade in a seamless manner by offering a highly secure, all-in-one trading platform.
The firm also aims to inspire consumers to truly embrace crypto via strategic collaborations with major partners, such as famous Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and eSports events organizer PGL.
As per Coingecko data, Bitget has presently ranked among the top 5 futures trading platforms as well as a top 10 spot trading platform. As noted in the update, Space and Time is the reportedly first Web3-native decentralized data warehouse that brings together tamper-proof on-chain and off-chain data to support enterprise use cases to smart contracts.
Space and Time have implemented a unique cryptography solution, Proof of SQL, enabling blockchain developers to connect advanced analytics to smart contracts, thus opening up a range of new use cases and business logic on blockchain tech. Space and Time are developed from scratch as a multi-chain data platform for Web3 developers who are focused on the financial services sector, gaming, DeFi, or any initiative needing advanced analytics.