Key notes
- Suffer to stop the cloud portfolio, key without key portfolio before May 31, 2025.
- The NFT Marketplace, Swap & Bridge, and others will also be deleted.
- The exchange plans to rotate the targeted web3 tools after returning to market share.
Bybit has announced that it would close several web3 products and services in the coming months. As announced, the decision is part of the company’s development change to optimize its offers.
The exchange also considers that it is a means of strengthening a more aligned area on long -term growth of the chain ecosystem.
Key services are supposed to be interrupted by mid-2025
According to Bybit, the cloud portfolio and the key without key is some of the tools it plans to stop on the platform.
In the last announcement, the exchange said that users should take measures early to avoid disturbances. He also confirmed that the clouds and wallets without key will no longer be supported after May 31, 2025.
According to the update, Cloud portfolio merchants must move their tokens, NFTS and other assets to their financing account or the portfolio of seed phrases. The exchange said in its publication that these two options would not be affected.
The publication said that users with a key without a key should also transfer their assets. Bybit added that an export feature would soon be available, allowing users to recover their private keys and continue to use their wallets outside the platform.
Those who fail to move their assets before the deadline may undergo delays and be required to follow additional identity verification steps.
It is also planned to withdraw several characteristics of the product, such as the NFT Marketplace, Dex Pro, Swap & Bridge, NFT Pro and trading tools on the market. These services will be permanently closed by May 31, 2025. Certain features, such as Apex, have already been interrupted on April 8, 2025.
This update is also similar to the recent announcement of NFT Marketplace X2Y2. In particular, the platform said it would end operations on April 30 due to the drop in volumes and current network problems.
Bybit has reiterated that users are strongly advised to remove or move the NFT and remaining tokens before access is completely deleted.
Aside from this recent update, Bybit has made other modifications to its operations. As previously indicated, Bebit joined forces with Zodia Guard to offer users a more secure option to store their digital assets.
Web change3 reflects a new strategic orientation
Bybit indicates that this transition is part of a more important plan to align with the evolutionary needs of the blockchain ecosystem. While some features are closed, the company stresses that it does not completely move away from web3.
The platform said that it would continue to support tools such as seed phrases, stimulating, DAPP and the Ardrop arcade.
A major reason for these cuts seems to be the desire for the company to rationalize operations and focus on products that offer more control and value to users. Bybit goes to a more open and more flexible web3 future, where users can manage assets independently while accessing secure services.
The trading platform has not indicated whether the new services will replace the old ones. However, the message is clear: the platform undergoes a significant transformation and users must go soon to protect their assets.
Meanwhile, since its Ethereum cold wallet was hacked in February, Bybit supported its recovery path. The scholarship found a 7% market share following the $ 1.46 billion violation linked to the Lazare group in North Korea.
following
Non-liability clause: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to provide precise and timely information, but should not be considered as financial or investment advice. Since market conditions can change quickly, we encourage you to check the information for yourself and consult a professional before making decisions according to this content.
Benjamin Godfrey is a blockchain enthusiast and a journalist who savor the writing of actual applications for blockchain technology and innovations to stimulate general acceptance and global integration of emerging technology. His desire to educate people on cryptocurrencies inspires his contributions to renowned media and blockchain sites.
