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Bybit to Shutter Multiple Web3 Products
By Philip Maina | April 16, 2025
Popular crypto exchange Bybit has announced that it will be shutting down multiple web3 products in a move aimed at optimizing its offerings and focusing on delivering high-quality services to its web3 users.
The list of discontinued products includes Cloud Wallet, Keyless Wallet, DEX Pro, Swap & Bridge, and NFT Marketplace. According to an official statement from Bybit, these services will no longer be available starting May 31, 2025. The exchange encourages users to migrate their assets to other wallets like the Bybit Seed Phrase Wallet, which is not affected by this shutdown.
This decision comes just a few weeks after Bybit discontinued its Initial DEX Offering (IDO), decentralized exchange ApeX, NFT Pro, and Inscriptions. It seems that Bybit has taken an axe to multiple projects in the past month alone.
The exchange has decided to retain some of its operations, including staking, aidrop arcade, and seed phrase wallets. This move comes amidst a trend where many crypto, blockchain, and web3 projects are either shutting down or pivoting to other areas. In recent news, NFT marketplace X2Y2 announced that it will be closing up shop to explore the AI world.
The same DappRadar report has indicated that web3 projects are experiencing declining usage and revenue. Bybit’s move may foreshadow similar actions from other popular crypto exchanges offering web3 projects.
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Source: https://fullycrypto.com/bybit-to-shutter-multiple-web3-products?utm_source=rss&utm_medium=rss&utm_campaign=bybit-to-shutter-multiple-web3-products
