Bybit Refocuses On Core Web3 Services With New Strategic Realignment
The post Bybit Refocuses On Core Web3 Services With New Strategic Realignment appeared on BitcoinEthereumNews.com.
Bybit, the 2nd largest cryptocurrency exchange in terms of trading volume, has announced a strategic refinement of its Web3 product suite. As a result, the company will focus on four core products like Seed Phrase Wallet, Airdrop Arcade, Onchain Staking, and DApp services. Such fundamental offerings have been popular among users and align with the company’s vision to enable self-custody and decentralized finance. The update is in line with Bybit’s continuous campaign of constructing the decentralized Onchain Bybit for trading specific to the demands of Web3. With such a realignment, the company aims to decommission some of the services that were unpopular among users. This is because it seeks to make resources focused on enhanced Web3 features. Phase-Out Timeline and User Guidance According to Bybit, the Web3 products will be phased out with a clear timeline provided below. These consisted of NFT Pro, Inscriptions Marketplace, ApeX, IDO, and Buy Crypto, and these services ceased on April 8, 2025. Web3 Points will be shut down by April 28, whereas NFT Marketplace, Cloud Wallet, Keyless Wallet, Market page, Dex Pro, and Swap & Bridge services will be shut down by May 31. In preparation for a smooth transition, Bybit requests its users to withdraw or transfer the tokens from those affected services. The transfer guides are general in nature and have been released. A remedy program will be launched by the end of April to aid users who cannot recover their assets by the given deadlines. Bybit’s Commitment to Decentralized Principles This decision means that Bybit wants to stick with the Seed Phrase Wallet while eliminating cloud and keyless options because such an approach helps to stress true custody. This adjustment aligns with the principles of blockchain and enables the growing community to obtain more control and transparency in the decentralized financial…
Filed under: News - @ April 16, 2025 5:28 pm