Bybit is shutting down most of its Web3 initiatives
Date: 2025-04-18 Author: Gabriel Deangelo Categories: BUSINESS
Bybit has announced the closure of most of its Web3 projects, setting specific deadlines for their completion. The majority of services will cease functioning by the end of May, which, according to the company, will allow it to focus on priority products and services.
In particular, from May 31, users will lose access to tools such as Cloud Wallet and Keyless Wallet — solutions for storing cryptocurrencies without the need to manage private keys. Also on the same day, the DEX Pro multi-chain platform, which provided users with the opportunity for decentralized trading on different blockchains, will cease to operate. The Swap & Bridge widget for cross-chain exchanges, which allows you to instantly move assets between different networks, will also be disabled.
In addition, on April 28, the company will end the Web3 Points loyalty program. This initiative allowed users to receive incentives for activity, including reduced trading fees and other bonuses.
Earlier, on April 8, Bybit had already taken steps to wind down its Web3 business, closing the NFT marketplace, as well as the Inscription Marketplace and IDO platforms.
While the exact reasons for such a large-scale restructuring are not disclosed, company representatives emphasize that these steps are dictated by the desire to focus on key products. Such a statement may indicate a redistribution of resources within Bybit and a reassessment of the effectiveness of Web3 solutions in the current market conditions.
It remains unclear whether the company will return to the development of the Web3 sector in the future, but current actions indicate a significant decrease in the priority of this area for the exchange.
