{"id":127391,"date":"2025-04-17T14:17:32","date_gmt":"2025-04-17T14:17:32","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127391"},"modified":"2025-04-17T14:17:32","modified_gmt":"2025-04-17T14:17:32","slug":"bybit-shuts-down-four-more-web3-services-after-axing-nft-marketplace","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127391","title":{"rendered":"Bybit shuts down four more Web3 services after axing NFT marketplace"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBybit is shutting down more of its Web3 services after axing its non-fungible token (NFT) marketplace earlier in April.<br \/>\nAccording to an April 16 announcement, the exchange is shutting down its Cloud Wallet (a hosted custodial wallet\u200b), Keyless Wallet (non\u2011custodial multiparty computation wallet with no seed phrase\u200b), NFT marketplace, multi\u2011chain decentralized exchange (DEX)\u200b DEX\u00a0Pro and the Swap\u00a0&amp;\u00a0Bridge cross\u2011chain swap widget\u200b on May\u00a031.<br \/>\nSource: Bybit Web3On April\u00a028,\u00a0Bybit will also discontinue Web3\u00a0Points, its internal loyalty program that rewarded onchain activity with redeemable points for fee discounts, airdrop boosts and early-bird perks.\u200b<br \/>\nOn the same day, the exchange will shut down its inscription marketplace, the decentralized NFT marketplace NFT Pro, the gateway to the Apex Pro derivatives DEX, its fiat-to-crypto on-ramp, and its initial DEX offering service.<br \/>\nRelated: Bybit recovers market share to 7% after $1.4B hack<br \/>\nA strategic pivot<br \/>\nBybit announced its intention to shut down its NFT marketplace earlier this month. The decision follows a\u00a0similar decision by major NFT marketplace X2Y2.<br \/>\nStill, the firm is not just cutting products. Recent reports indicate that Bybit has integrated the Bitcoin (BTC) yield product of lending protocol Avalon to offer Bitcoin yield to its users. Avalon said it will allow the platform\u2019s users to earn yield from Bitcoin by arbitrating on its fixed-rate institutional borrowing layer.<br \/>\nBybit recently denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media user.<br \/>\nRelated: BitMEX CEO explains how perpetual swaps test altcoin value<br \/>\nBybit refocusing its efforts<br \/>\nBybit said it is shutting down the services in order to focus on the quality of its core products. The announcement reads:<br \/>\n\u201cIn line with our commitment to the evolving onchain ecosystem and delivering high-quality services to our Web3 users, we will be optimizing our current Web3 product and service offerings.\u201c<br \/>\nThese apparent cost-cutting efforts by the company follow Bybit\u2019s loss of about $1.4 billion in a major hack in February.<br \/>\n\u201cBybit is Solvent even if this hack loss is not recovered, all of the client\u2019s assets are 1 to 1 backed \u2014 we can cover the loss.\u201c<br \/>\nBybit had not responded to Cointelegraph\u2019s request for comment by publication.<br \/>\nMagazine: Your AI&#8217; digital twin\u2019 can take meetings and comfort your loved ones<a href=\"https:\/\/cointelegraph.com\/news\/bybit-shuts-down-four-more-services-after-killing-nft-exchange?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBybit is shutting down more of its Web3 services after axing its non-fungible token (NFT) marketplace earlier in April. According to an April 16 announcement, the exchange is&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127391"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127391"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127391\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127391"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}