Bybit is shutting down more of its Web3 services after axing its non-fungible token (NFT) marketplace earlier in April.
In accordance with an April 16 announcement, the alternate is shutting down its Cloud Pockets (a hosted custodial pockets), Keyless Pockets (non‑custodial multiparty computation pockets with no seed phrase), NFT marketplace, multi‑chain decentralized alternate (DEX) DEX Professional and the Swap & Bridge cross‑chain swap widget on Might 31.
On April 28, Bybit will even discontinue Web3 Factors, its inner loyalty program that rewarded onchain exercise with redeemable factors for price reductions, airdrop boosts and early-bird perks.
On the identical day, the alternate will shut down its inscription marketplace, the decentralized NFT marketplace NFT Professional, the gateway to the Apex Professional derivatives DEX, its fiat-to-crypto on-ramp, and its preliminary DEX providing service.
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A strategic pivot
Bybit announced its intention to shut down its NFT marketplace earlier this month. The choice follows a similar decision by major NFT marketplace X2Y2.
Nonetheless, the agency isn’t just chopping merchandise. Recent reports indicate that Bybit has built-in the Bitcoin (BTC) yield product of lending protocol Avalon to supply Bitcoin yield to its customers. Avalon mentioned it should enable the platform’s customers to earn yield from Bitcoin by arbitrating on its fixed-rate institutional borrowing layer.
Bybit just lately denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media consumer.
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Bybit refocusing its efforts
Bybit mentioned it’s shutting down the services so as to deal with the standard of its core merchandise. The announcement reads:
“In step with our dedication to the evolving onchain ecosystem and delivering high-quality services to our Web3 customers, we shall be optimizing our present Web3 product and repair choices.“
These obvious cost-cutting efforts by the corporate observe Bybit’s loss of about $1.4 billion in a serious hack in February.
“Bybit is Solvent even when this hack loss is just not recovered, all the consumer’s belongings are 1 to 1 backed — we are able to cowl the loss.“
Bybit had not responded to Cointelegraph’s request for remark by publication.
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Cointelegraph by Adrian Zmudzinski Bybit shuts down four more Web3 services after axing NFT marketplace cointelegraph.com 2025-04-17 13:24:03
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