Bitget partners Space and Time to offer verifiable audit trail of its Proof of Reserves
Bitget, a leading cryptocurrency exchange for futures and copy trading, is set to offer unparalleled transparency of its Proof of Reserves and activities, providing users with verifiable evidence of its assets, liabilities, and liquidity among other operational features.
According to a press release published on Monday, Bitget’s big step follows its new strategic partnership with decentralised data warehousing platform Space and Time (SxT).
With this partnership, Bitget becomes the first centralised exchange (CEX) to tap into the benefits of a decentralised data warehouse to provide a “verifiably tamperproof audit trail of data and computation,” the exchange announced.
Bitget users to access full financial transparency
The issue of exchanges’ proof of reserves became a hot topic in the crypto sector a few months ago, particularly after the collapse of the FTX cryptocurrency exchange. While many of the leading crypto platforms and exchanges scrambled to publish their proof of reserves to prove they had customer assets as they should be, scepticism still lingered with regard to lack of full transparency.
Gracy Chen, the managing director of Bitget, commented that transparency from exchanges is what users want and Bitget is committed to ensuring this is the case for its more than 8 million users. He added in a statement:
“Bitget is first to work toward transparency of proof of accounting and operations through Space and Time. We aim to inspire people to embrace crypto with more protection, transparency and security, which serve as pillars for building a robust platform.”
While users can access Bitget’s Proof of Reserves Page, the partnership with Space and Time allows it to extend the transparency via a proof of accounting feature. Customers will be able to see if the PoR and the exchange’s operations are verifiable against both on-chain and off-chain data.
Per the press release shared with Invezz today, Bitget’s total reserve ratio as of 6 March, 2023 was 231%. This suggests the held over 100% of its customers assets, including for Bitcoin, Ethereum, Tether (USDT) and USD Coin (USDC). Bitget’s native ecosystem token is Bitget Token (BGB).
Space and Time secured $20 million in a strategic funding round led by Microsoft (NASDAQ: MSFT) in September 2022, and recently partnered South Korea-based gaming giant Wemade.
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