Cryptocurrency exchange Bybit We are making a major strategic shift by significantly reducing our presence in the Web3 space. After recently shutting down the NFT market, the platform is currently preparing to suspend multiple other services, including wallets and debt tools.
Discontinued wallets and Dex services
In an announcement dated April 16th, BYBit announced that it will close its next product: May 31st:
Cloud Wallet (Management wallet)
Keyless wallet (Non-mandatory wallet using MPC without seed phrases)
NFT Marketplace
Dex Promulti-chain distributed exchange
Swap & BridgeCross-Chain Swap Widget
Loyalty Program and other Web3 features to close in April
Above April 28thBibit also finishes it Web3 Points The loyalty program rewards users for on-chain activities and uses perks such as discounts and airdrop bonuses. Additionally, the platform will shut down.
the Inscription Market
NFT Pro Distributed Market
Gateway to Apex ProDerivative Dex
the Crypto-on lamp from Fiat
And that Initial Dex Products (IDO) service
Shifting focus to core products
Many products have been discontinued, but Bybit has not completely abandoned Web3. The platform has recently been integrated Bitcoin yield service via Avalonallowing users to earn fixed interest rate returns by participating in the facility's lending pool.
This strategic refocus comes amidst the broader trends in which NFTs and Defi platforms are reevaluating their offerings due to changes in market conditions and user behavior.
read: Nirvana Finance Hackers admit their guilt!
Bibit responds to security incidents and market demands
Bybit says the decision is consistent with its commitment to quality and long-term sustainability. In an official statement, the exchange emphasized:
“As part of our dedication to the evolving on-chain ecosystem and Web3 user base, we are optimizing our current suite of Web3 services to deliver better value.”
This restructuring continues with something important $1.4 billion hack February. Despite the incident, the company reassured users of its financial strength.
“Even if you don't collect the lost funds, Bibit remains the solventand all client assets are fully backed by 1:1. ”
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