• Bitget has entered a strategic partnership with Space and Time, making it the first trading platform to take advantage of a decentralised data warehouse.
• The crypto exchange has also launched a Proof of Reserves page, allowing users to view verifiable evidence that the exchange holds assets on their behalf.
• These initiatives will enable Bitget to offer unparalleled transparency and give its users assurance that the data and computation powering the platform are accurate.
Bitget Partners with Space and Time
Bitget, one of the largest crypto copy trading platforms, recently announced that it had entered into a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. The partnership enables Bitget to offer its users unprecedented levels of transparency by providing them with verifiable evidence that the exchange holds assets on their behalf. In addition, users can have full confidence that the data and computations powering the platform are accurate and untampered with.
Proof of Reserves Page Launched
To further boost transparency among its users, Bitget has also launched its Proof of Reserves page which leverages cryptographic-audited Merkle tree method to validate user assets stored on the platform are safeguarded. As of March 6th 2023, Bitget’s total reserve ratio stands at 231%, meaning it currently holds more than 100% of user assets (BTC, ETH, USDT & USDC). This is an impressive milestone for any cryptocurrency exchange as some exchanges such as Binance & OKX have only released their Proof Of Reserve reports once or twice in recent months.
Benefits for Users
The benefits for users from this latest development are clear; they now have access to greater financial transparency through a tamperproof audit trail and have full assurance that all user funds stored on Bitget are safe from tampering or unauthorized use. This means users can trust in the accuracy of all transactions taking place on the platform without having to worry about potential risks associated with centralised exchanges such as fraud or hacking attacks.
Comment From Managing Director
Gracy Chen, Managing Director at Bitget commented: “BitGet strives to provide our customers with secure trading experiences as well as peace of mind knowing their funds are safe and protected – partnering up with SXT allows us to deliver even more value while improving our service offering.“
This latest move by BitGet shows how serious they are about providing their clients with maximum levels of security when trading cryptocurrencies – not just through robust internal measures but also by leveraging leading industry technologies like those provided by Space & Time Data Warehouse Solutions. Thanks to this collaboration between both companies, traders can now enjoy enhanced protection against malicious activities while getting access to unparalleled financial transparency within the cryptosphere