Bybit is shutting down extra of its Web3 providers after axing its non-fungible token (NFT) market earlier in April.
Based on 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 Could 31.
On April 28, 2025, 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 market, the decentralized NFT market 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 market earlier this month. The choice follows a similar decision by major NFT marketplace X2Y2.
Nonetheless, the agency isn’t just slicing merchandise from its line. 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 would enable the platform’s customers to earn yield from Bitcoin by arbitrating on its fixed-rate institutional borrowing layer.
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Bybit refocusing its efforts
Bybit mentioned it’s shutting down the providers with a purpose to deal with the standard of its core merchandise. The announcement reads:
“In keeping with our dedication to the evolving onchain ecosystem and delivering high-quality providers to our Web3 customers, we might 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 isn’t recovered, the entire shopper’s belongings are 1 to 1 backed — we will cowl the loss.“
Based on some rumors, the alternate could also be seeking to recoup the loss in different methods as nicely. Bybit has denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media person.
Bybit had not responded to Cointelegraph’s request for remark by publication.
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