Bybit will terminate multiple Web3 services in its strategic transformation

According to Cryptoslate, the cryptocurrency exchange Bybit announced in a notice released on April 16th that it will cease its series of Web3 products and services by the end of May. The exchange stated that this decision is part of its shift in operational focus, as Bybit is entering a new phase of growth and innovation. The services that will soon be discontinued include Bybit's Cloud Wallet and Keyless Wallet, which will be unavailable after May 31, 2025. Users are urged to transfer all assets in these wallets (including tokens, NFTs, and inscription assets) to their Bybit funds account or seed phrase wallet before the deadline. If the transfer is not completed by the deadline, it may result in access delays and require additional authentication. In addition, Bybit will also shut down multiple Web3 trading features by the end of May, including its DEX Pro platform Swap & Bridge services, as well as the broader NFT market. In addition to these changes, Bybit also discontinued support for several other services on April 8th, including Inscriptions, NFT Pro, Apex, Buy Crypto, and its initial DEX issuance (ID0) platform. The company's Web3 points program will also cease on April 28th.