Bybit shuts down four more Web3 services after axing NFT marketplace

Bybit is ceasing operations of several Web3 services, including its NFT marketplace, Cloud Wallet, Keyless Wallet, DEX Pro, and Swap & Bridge, by May 31st. The Web3 Points loyalty program and the inscription marketplace will also be discontinued on April 28th. This follows a similar move by X2Y2 and is part of Bybit's strategic refocusing. The company cites a commitment to improving core product quality as the reason for these closures. Bybit denies charging exorbitant fees for token listings. Despite a significant February hack resulting in a $1.4 billion loss, Bybit maintains solvency and assures user asset security. The exchange is integrating Avalon's Bitcoin yield product, indicating continued development in other areas. The company's statement emphasizes its dedication to the evolving blockchain ecosystem. Bybit has not yet commented on this significant restructuring.