Bybit to end multiple Web3 services in strategic pivot
Crypto exchange Bybit announced that it will discontinue a wide range of its Wweb3 products and services by the end of May, according to an April 16 notice.
The exchange said the decision is part of a shift in its operational focus as it enters a new phase of growth and innovation.
Discontinued services
Among the services being phased out are Bybits Cloud Wallet and Keyless Wallet, both of which will become unavailable after May 31, 2025.
Users have been urged to transfer all assets, including tokens, NFTs, and inscription assets, from these wallets to either their Bybit Funding Account or Seed Phrase Wallet before the deadline. Failure to do so may result in delayed access and require additional identity verification.
Several Web3 trading features will also be shut down at the end of May, including Bybits DEX Pro platform, Swap & Bridge service, and the broader NFT Marketplace will be discontinued.
Marketplace users who fail to withdraw NFTs in time may permanently lose access to their assets, as the platform will be taken offline and remaining assets will no longer be retrievable.
In addition to these changes, Bybit has already ended support for several other offerings, including Inscriptions, NFT Pro, ApeX, Buy Crypto, and its Initial DEX Offering (IDO) platform as of April 8.
The companys Web3 Points program will also be discontinued on April 28.
Streamlining its focus
Despite the scale of the shutdown, some services remain unaffected. Users will still have access to the Airdrop Arcade, staking products, and decentralized applications (DApps). Seed Phrase Wallets also remain fully operational.
Bybit framed the decision as a proactive move to streamline its Web3 offerings and concentrate on delivering a more efficient and user-centric experience. The company said that discontinuing multiple services would allow it to refocus resources and support long-term development within the onchain ecosystem.
For users of the Keyless Wallet, a private key export feature is expected to launch soon, enabling continued access to wallets through third-party platforms. Bybit reiterated that it does not store users private keys, and once exported, the Keyless Wallet will be permanently deleted.
The company encouraged all users to begin asset transfers immediately and ensure their wallets contain sufficient gas tokens to complete transactions.
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Text source: CryptoSlate
