Bybit to Axe Major Web3 Portfolio Products, Here’s Reason

Main notes

• Bybit to close the cloud wallet, a key portfolio by May 31, 2025.
• Marketplace Nft, Swap & Bridge, and more.
• The stock market plans to focus Web3 tools after restoring the market share.

Bybit has announced that it will close many Web3 products and services in the coming months. It also announced, the decision is part of the company’s conversion to focus to improve its offers.

The stock exchange is also this way to enhance a more compatible area with long -term growth in the ecosystem on the chain.

The main services are to be stopped by mid -2015

According to the house, The cloud wallet and the portfolio without the key are some of the tools that you plan to stop it on the platform.

In the latest advertisement, the stock exchange stated that users should take some measures early to avoid disturbances. It also confirmed that the cloud and the governor without a key will not be supported after May 31, 2025.

According to the update, Wallet Cloud merchants must transfer distinctive symbols, NFTS and other assets to a Bybit financing account or seed wallet. The stock exchange stated in its publication that these two options will not be affected.

The post stated that it is also expected to transfer users who have a key portfolio. Bybit added that the export feature will be available soon, allowing users to recover their own keys and continue to use their wallets outside the platform.

Those who fail to move their assets before the deadline may suffer from delay and ask them to complete the steps to verify the additional identity.

There are also many product features, such as NFT Marketplace, Dex Pro, Swap & Bridge, NFT Pro and market trading tools. These services will be closed permanently by May 31, 2025. Some features have already been stopped, such as APEX, as of April 8, 2025.

This update is also similar to the latest announcement of NFT Marketplace X2Y2. It is worth noting that the platform said that it would finish operations on April 30 due to the decrease in storage units and continuous network issues.

Repeat Bybit that users highly advise to withdraw or transfer any NFTS and the remaining symbols before they are completely removed.

Regardless of this last update, bybit has made other changes on its operations. As I mentioned earlier, Bybit has made a partnership with Zodia Custody to provide users with a safer option to store their digital assets.

Web3 reflects the new strategic focus

Bybit states that this transition is part of a larger plan to comply with the advanced needs of the Blockchain system. While some features are closed, the company emphasizes that it does not completely move away from Web3.

The platform said that it will continue to support tools such as the seed, tricks, DAPS, and Airdop Arcade.

The main reason for these discounts seems to be the company’s desire to simplify operations and focus on products that provide more control and value for users. Bybit moves towards the web3 future more open and flexible, as users can independently manage assets while accessing safe services.

The trading platform did not indicate whether the new services will replace that old. However, the message is clear: the platform is subjected to a major transformation, and users must behave soon to protect their possessions.

Meanwhile, since Ethereum Cold was hacked in February, Bybit maintained the healing path. The stock exchange regained the market share by 7 % after a breach of $ 1.46 billion linked to the Lazaros Group in North Korea.

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