• Bitget, a crypto copy trading platform, has entered into a strategic partnership with Space and Time (SxT).
• The partnership will enable the exchange to offer its users unparalleled transparency of exchange operations.
• Bitget has also launched a Proof of Reserves page which demonstrates that it is a full-reserve exchange.
Bitget Partners with Space and Time
Bitget, the largest crypto copy trading platform, recently announced that it has entered into a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. This latest development will allow the exchange to provide its users with verifiable evidence that they hold the assets they claim to own on behalf of their clients. Additionally, this partnership will enable them to offer their users unparalleled transparency of exchange operations with an immutable audit trail of data and computation.
Proof of Reserves Page
In order to boost transparency further, Bitget launched its Proof of Reserves Page. This allows users to have full assurance that the data and computation powering the exchange are accurate and haven’t been tampered with. Additionally, this page leverages cryptographic-audited Merkle tree method in order to demonstrate that user’s assets stored on the platform are safeguarded. As per reports from March 6th 2023, Bitget currently holds more than 100% of the user’s total assets (BTC, ETH, USDT, USDC) which is indicated by its total reserve ratio standing at 231%.
Other Crypto Exchanges Offering Transparency
Apart from Bitget other crypto exchanges such as Binance and OKX have released Proof of Reserve reports over the last few months in order to increase transparency for their users as well. Such efforts ensure that customers have trust in these exchanges when it comes to their financial activities.
Comment From Managing Director Of Bitget
Gracy Chen who is managing director of Bitget commented on this latest development saying: “Bitget strives for industry-leading liquidity depth and security standards,“ adding „We are very excited about partnering up with SxT as now we can prove our commitment even better through our PoR system.“
This new integration between SxT and Bitget marks another step forward towards increased levels of transparency within the cryptocurrency space by allowing users access to verifiable proof regarding asset holdings held by exchanges on behalf of customers.