PR Newswire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced a strategic evolution of its Web3 product suite as part of the company’s commitment to delivering enhanced Onchain experiences. This initiative represents a focused approach to Web3 innovation, concentrating resources on high-value services while streamlining the overall product portfolio.
The strategic realignment sees Bybit maintaining and enhancing four core Web3 offerings: Seed Phrase Wallet, Airdrop Arcade, Onchain Staking, and DApp services. These services have demonstrated consistent user engagement and align with Bybit’s vision for providing seamless access to decentralized finance and Web3 ecosystems.
Since we unveiled our strategy to build Onchain Bybit, a more powerful decentralized trading platform, we have been actively exploring, refining and building on this vision. As part of the Onchain Bybit roadmap, we will gradually replace existing offerings and introduce new, user-friendly products — designed to meet the growing expectations of Web3 users and push the boundaries of decentralized trading.
“This strategic evolution represents our dedication to Web3’s foundational principles while adapting to the evolving needs of our users,” said Emily Bao, Head of Spot and Web3 at Bybit. “By focusing our resources on our most popular services, we’re creating opportunities to build more powerful, efficient Onchain tools that deliver genuine value. Our goal is to provide users with a lighter, more intuitive Onchain experience that maintains true self-custody principles while enhancing functionality.”
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Strategic Product Consolidation Timeline
As part of this transition, Bybit is phasing out some Web3 services that have seen limited adoption, with the following schedule:
April 8, 2025 (Completed):
- NFT Pro
- Inscriptions Marketplace
- ApeX
- IDO (Initial DEX Offering)
- Buy Crypto
April 28, 2025:
May 31, 2025:
- NFT Marketplace
- Cloud Wallet
- Keyless Wallet
- Market page
- Dex Pro
- Swap & Bridge
Users with assets in services slated for future discontinuation are encouraged to withdraw or transfer them before the respective termination dates to their seed phrase wallets. To support this transition, Bybit will implement a remediation program to be announced at the end of April, allowing customers to work with support teams to recover assets after deadlines if needed.
Enhanced Onchain Experience
This realignment reflects Bybit’s strategic assessment of the evolving Web3 landscape and user preferences. The decision to maintain seed phrase wallets while discontinuing cloud and keyless alternatives prioritizes true self-custody, aligning with blockchain’s core principles.
To support users during this transition, Bybit has published comprehensive guides for transferring assets from discontinued services. For users unable to complete transfers before deadlines, Bybit’s planned remediation program will offer additional support options, with the remediation period adjusted based on observed withdrawal patterns.
Looking Ahead: Web3 Innovation
This strategic evolution represents a determination of Bybit’s Web3 innovation, positioning the company to deliver more focused, higher-quality experiences in an increasingly complex landscape.
“We’re entering a new phase of transformation and enhancement for our Web3 ecosystem,” concluded Emily. “By optimizing our product portfolio now, we’re creating the foundation for more impactful innovations in the future. Our commitment to Onchain excellence remains unwavering, and we’re excited to reveal new capabilities and services in the coming months.”
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