Bybit shuts down four more Web3 services after axing NFT marketplace

Bybit is shutting down much of its Web3 services aft axing its non-fungible token (NFT) marketplace earlier successful April.

According to an April 16 announcement, the speech is shutting down its Cloud Wallet (a hosted custodial wallet​), Keyless Wallet (non‑custodial multiparty computation wallet with nary effect phrase​), NFT marketplace, multi‑chain decentralized speech (DEX)​ DEX Pro and the Swap & Bridge cross‑chain swap widget​ connected May 31.

Source: Bybit Web3

On April 28, 2025, Bybit volition besides discontinue Web3 Points, its interior loyalty programme that rewarded onchain enactment with redeemable points for interest discounts, airdrop boosts and early-bird perks.​

On the aforesaid day, the speech volition unopen down its inscription marketplace, the decentralized NFT marketplace NFT Pro, the gateway to the Apex Pro derivatives DEX, its fiat-to-crypto on-ramp, and its archetypal DEX offering service.

Related: Bybit recovers marketplace stock to 7% aft $1.4B hack

A strategical pivot

Bybit announced its volition to unopen down its NFT marketplace earlier this month. The determination follows a similar determination by large NFT marketplace X2Y2.

Still, the steadfast is not conscionable cutting products from its line. Recent reports indicate that Bybit has integrated the Bitcoin (BTC) output merchandise of lending protocol Avalon to connection Bitcoin output to its users. Avalon said it volition let the platform’s users to gain output from Bitcoin by arbitrating connected its fixed-rate organization borrowing layer.

Related: BitMEX CEO explains however perpetual swaps trial altcoin value

Bybit refocusing its efforts

Bybit said it is shutting down the services successful bid to absorption connected the prime of its halfway products. The announcement reads:

“In enactment with our committedness to the evolving onchain ecosystem and delivering high-quality services to our Web3 users, we volition beryllium optimizing our existent Web3 merchandise and work offerings.“

These evident cost-cutting efforts by the institution travel Bybit’s loss of astir $1.4 billion successful a large hack successful February.

“Bybit is Solvent adjacent if this hack nonaccomplishment is not recovered, each of the client’s assets are 1 to 1 backed — we tin screen the loss.“

According to immoderate rumors, the speech whitethorn beryllium looking to recoup the nonaccomplishment successful different ways arsenic well. Bybit has denied claims that it charges $1.4 cardinal to database a token connected its platform, pursuing allegations made by a societal media user.

Bybit had not responded to Cointelegraph’s petition for remark by publication.

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