Cryptocurrency trading platform Bybit will officially cease most Web3 wallet-related services on May 31. Specifically, Bybit will close all cloud wallet services, private key wallets, and related products such as the decentralized exchange DEX Pro, Swap & Bridge services (asset exchange and transfer between chains), and Non-Fungible Token marketplace.
This move essentially means Bybit is almost completely withdrawing from the Web3 wallet race in the cryptocurrency exchange ecosystem. Previously, data on trading volume and active user numbers for Bybit Web3 Wallet were not independently tracked, indicating the product's market influence and market share were insignificant.
Bybit's closure of multiple Web3 wallet services occurs in a context of intense competition among major exchanges like Binance, OKX, and Bitget in developing integrated Web3 ecosystems with decentralized wallets. This decision may help Bybit focus resources on core business segments such as Spot Trading, futures, and Launchpad platform development.
