Crypto exchange Bybit has recently announced a major overhaul of its Web3 products and services, set to take effect by the end of May. The decision comes as the exchange looks to shift its operational focus towards growth and innovation in the coming months.
Among the services being phased out are Bybit’s Cloud Wallet and Keyless Wallet, both of which will no longer be available after May 31, 2025. Users are advised to transfer all assets, including tokens, NFTs, and inscription assets, to their Bybit Funding Account or Seed Phrase Wallet before the deadline to avoid any delays in access and potential additional identity verification requirements.
In addition to the wallet services, several Web3 trading features will also be discontinued, including Bybit’s DEX Pro platform, Swap & Bridge service, and the broader NFT Marketplace. Users of the NFT Marketplace are urged to withdraw their assets before the shutdown to prevent any permanent loss of access.
Bybit has already ended support for other offerings such as Inscriptions, NFT Pro, ApeX, Buy Crypto, and its Initial DEX Offering (IDO) platform as of April 8. The Web3 Points program will also be discontinued on April 28.
Despite the extensive shutdown of services, some features will remain unaffected. Users can still access the Airdrop Arcade, staking products, and decentralized applications (DApps). Seed Phrase Wallets will also continue to operate without any changes.
Bybit explained that the decision to discontinue multiple services is part of a strategic effort to streamline its Web3 offerings and focus on delivering a more efficient and user-centric experience. The exchange aims to reallocate resources towards long-term development within the onchain ecosystem.
For users of the Keyless Wallet, a private key export feature will be introduced soon, allowing continued access to wallets through third-party platforms. Bybit assured users that it does not store private keys, and once exported, the Keyless Wallet will be permanently deleted.
To ensure a smooth transition, Bybit advised users to initiate asset transfers promptly and ensure that their wallets have enough gas tokens to complete transactions seamlessly.
This proactive move by Bybit underscores its commitment to enhancing user experience and driving innovation within the cryptocurrency space.