Bybit to end Web3 wallets and marketplaces by May 31

Cryptocurrencies

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Bybit will shut down several Web3 services, including its Cloud Wallet, Keyless Wallet, NFT marketplace, DEX Pro, and Swap & Bridge features, by May 31, 2025, as part of a strategic shift to focus on core blockchain services.

The company has instructed users to transfer assets from the Cloud and Keyless Wallets to either a Bybit Funding Account or a Seed Phrase Wallet before the deadline.

To assist with the transition, Bybit will introduce an export feature for Keyless Wallet private keys, enabling continued access outside the platform.

Failure to transfer assets before the cutoff may lead to delays and additional identity verification.

The shutdown includes the closure of NFT Pro, Buy Crypto, Inscriptions, and the Initial DEX Offering platform, which ceased operations earlier in April.

The Web3 Points loyalty program will end on April 28, and users are advised to redeem any remaining points before then.

Bybit stated the move reflects its response to evolving blockchain industry needs and an effort to optimise its Web3 product offerings.

Services that will remain active include Seed Phrase Wallets, Staking, DApps, and Airdrop Arcade, with users encouraged to withdraw or move assets accordingly.

The restructuring follows a $1.4 billion hack linked to North Korea’s Lazarus Group and comes amid efforts to rebuild trust and streamline operations.

Bybit recently partnered with Zodia Custody to offer users enhanced digital asset storage and security solutions.

The decision aligns with a broader trend among crypto platforms reassessing product viability, as seen in similar service reductions by exchanges like X2Y2 (CRYPTO:X2Y2).