Bybit Shuts Down Four More Web3 Services After Axing NFT Marketplace
In a significant move, Bybit has announced that it will be shutting down four more of its Web3 services, bringing the total number of closures to six since earlier this month. The exchange had previously axed its non-fungible token (NFT) marketplace as part of an effort to refocus on its core offerings and rebuild its reputation following a devastating $1.4 billion hack in February.
According to an April 16 announcement, Bybit will be shutting down its Cloud Wallet, a hosted custodial wallet; Keyless Wallet, a non-custodial multiparty computation wallet with no seed phrase; NFT marketplace; multi-chain decentralized exchange (DEX) DEX Pro; and the Swap & Bridge cross-chain swap widget. The closure of these services is scheduled to take place on May 31.
In addition to these closures, Bybit will also be discontinuing its Web3 Points program on April 28. This internal loyalty program rewarded users with redeemable points for fee discounts, airdrop boosts, and early-bird perks, among other benefits. The exchange will also shut down its inscription marketplace, NFT Pro, which serves as the gateway to the Apex Pro derivatives DEX.
Furthermore, Bybit will be discontinuing its fiat-to-crypto on-ramp, as well as its initial DEX offering service. These closures mark another significant step in Bybit's effort to streamline its offerings and focus on providing high-quality products to its users.
Despite the recent closures, Bybit has announced plans to integrate a new Bitcoin yield product from lending protocol Avalon. This will allow users to earn yield from their Bitcoin holdings through arbitrage on Avalon's fixed-rate institutional borrowing layer. Bybit had previously denied allegations that it charges $1.4 million to list a token on its platform.
The company has stated that the closures are necessary to focus on the quality of its core products, following the devastating hack in February. This move is seen as an effort to rebuild trust with users and restore confidence in the platform's ability to provide secure and reliable services.
Bybit's decision to shut down these services follows a similar trend set by major NFT marketplace X2Y2 earlier this month. While the company has faced significant challenges, it remains committed to providing innovative products and services to its users.
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The closure of Bybit's Web3 services marks a significant shift in the company's strategy. As the cryptocurrency market continues to evolve, it remains to be seen how this move will impact the overall landscape.