|
Getting your Trinity Audio player ready...
|
Cryptocurrency exchange Bybit announced it will be shutting down a broad suite of its Web3 services by May 31, following the closure of its NFT marketplace earlier this month.
According to the April 16 announcement, Bybit will discontinue its Cloud Wallet, Keyless Wallet, DEX Pro, and Swap & Bridge widget, as well as Web3 Points, the platform’s blockchain-based loyalty program. Additional services to be sunset on April 28 include the inscription marketplace, NFT Pro, Apex Pro derivatives DEX gateway, fiat on-ramp, and initial DEX offering (IDO) platform.
The move mirrors similar decisions across the crypto industry, including the recent closure of NFT marketplace X2Y2, indicating a cooling interest in certain decentralized services.
Despite the shutdowns, Bybit is not retreating from the blockchain space altogether. The firm recently integrated Bitcoin yield services from lending protocol Avalon, offering users passive income through arbitrage on Avalon’s institutional fixed-rate borrowing layer.
The company’s recent decisions appear rooted in a broader strategic recalibration. In its statement, Bybit emphasized a focus on “delivering high-quality services” and optimizing its current Web3 offerings. The decision also comes in the aftermath of a $1.4 billion hack in February, though Bybit maintains that all client funds remain secure and fully backed.
Amid criticism and rumors—including allegations that it charges $1.4 million to list tokens—Bybit has denied any wrongdoing. The platform’s shift toward a leaner operational model may signal an effort to regain trust and ensure long-term sustainability.
Also Read: Bybit Partners with Zodia Custody to Boost Crypto Security After $1.45B Hack
Bybit’s latest moves reflect a broader industry trend: as markets mature, crypto platforms are being forced to streamline operations, prioritize security, and refine their core value propositions.
As of now, Bybit has not issued further comment on the closures or its future Web3 roadmap.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
