Key Notes
- Bybit to shut down Cloud Wallet, Keyless Wallet by May 31, 2025.
- The NFT Marketplace, Swap & Bridge, and more will also be removed.
- The exchange plans to pivot to focused Web3 tools after regaining market share.
Bybit has announced it will shut down several Web3 products and services over the coming months. As announced, the decision is part of the company’s shift in focus to optimize its offerings.
The exchange also considers this a way to strengthen an area more aligned with long-term growth in the on-chain ecosystem.
Key Services Set to Be Discontinued by Mid-2025
According to Bybit, the Cloud Wallet and the Keyless Wallet are some of the tools it plans to discontinue on the platform.
In the latest announcement, the exchange mentioned that users should take some actions early to avoid disruptions. It also confirmed that the Cloud and Keyless Wallets will no longer be supported after May 31, 2025.
According to the update, Cloud Wallet traders must move their tokens, NFTs, and other assets to their Bybit Funding Account or Seed Phrase Wallet. The exchange stated in its publication that these two options would not be affected.
The publication stated that users with a Keyless Wallet are also expected to transfer their assets. Bybit added that an export feature would soon be available, allowing users to retrieve their private keys and continue using their wallets outside the platform.
Those who fail to move their assets before the deadline may experience delays and be required to complete additional identity verification steps.
Also scheduled for removal are several product features, such as the NFT Marketplace, DEX Pro, Swap & Bridge, NFT Pro, and market trading tools. These services will be permanently shut down by May 31, 2025. Some features, like ApeX, have already been discontinued as of April 8, 2025.
This update is also similar to the recent announcement from NFT marketplace X2Y2. Notably, the platform said it will end operations on April 30 due to declining volumes and ongoing network issues.
Bybit reiterated that users are strongly advised to withdraw or relocate any remaining NFTs and tokens before access is removed entirely.
Aside from this recent update, Bybit has been making other changes to its operations. As reported earlier, Bybit partnered with Zodia Custody to offer users a more secure option for storing their digital assets.
Web3 Shift Reflects New Strategic Focus
Bybit states that this transition is part of a bigger plan to align with the evolving needs of the blockchain ecosystem. While some features are being shut down, the company stresses it is not entirely stepping away from Web3.
The platform said it will continue to support tools like Seed Phrase Wallets, Staking, DApps, and the Airdrop Arcade.
A major reason for these cuts appears to be the company’s desire to streamline operations and focus on products that offer more control and value to users. Bybit is moving toward a more open and flexible Web3 future, where users can manage assets independently while accessing secure services.
The trading platform has not indicated whether new services will replace the old ones. Still, the message is clear: the platform is undergoing a significant transformation, and users must act soon to protect their holdings.
Meanwhile, since its Ethereum cold wallet was hacked in February, Bybit has sustained its recovery path. The exchange has regained 7% market share following the $1.46 billion breach linked to North Korea’s Lazarus Group.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
