The major cryptocurrency exchange bybit has recently decided to reduce its web3 services. In this decision, the company announced its cloud pockets, keyless pockets, dex professional (multi-chant decentralized exchanges) and Switch & Bridge Cross-Chant Swap Widgate, before another significant declaration was revealed before, in which another significant declaration was revealed before NFT will shutdown by MARKETAll these services will be closed from May 31, 2025. Bybit has taken this step when it has already closed his NFT Market in April 8. The main reason behind this decision is the company focusing on its core services.
Bybiting bybiting your web3 services
This decision of Bybit is giving rise to many questions in the Crypto Community, as the company has also closed its NFT Market. The company said in an official statement that, “We are customizing them to further improve our web3 products and services.” Bybit says that this step is being taken to increase the quality of the company’s core products and to provide the highest level services to the web3 users.
These closing services include cloud pockets, keyless pockets, dex professional and switch & bridge, including cloud pockets which is a hostess custodial wallet and keyless pockets, which has no non-computodial compute computation pockets, Fraz does not occur. At the same time, Dex Professional is a multi-channel decentralized exchange and Switch & Bridge Cross-Chain Swap Widget is also part of this change. The purpose of bybit is to reduce your presence in the web3 space by closing all these platforms and only focus on your core products.
$ 1.4 billion Bybit hack Put this step after
This step of Bybit came after a large hack, in which the company lost about $ 1.4 billion. However, the company has claimed that it is financially strong and can cover all its users’ assets in 1: 1 ratio, even if the damage caused by hack is not returned. After this hack, the goal of Bybit is to run its services with maximum efficiency and safety.
However, bybit has recently launched some new initiatives, despite limited its product range. For example, they have integrated a bitcoin yielding product with Avalon, so that their users can offer yields on Bitcoin. Bybit says that he will only introduce its web3 products and services with high efficiency, so that the company can provide best services to its customers.
There has not yet been any kind of comment about this policy of Bybit, but this step clearly reflects the company’s safety and dedication to the finician stability.
Conclusion
Bybit’s NFT Marketplace Playground and the decision to close its web3 services is a clear indication that the company wants to focus more on its core products and services. Despite the damage caused by a hack of $ 1.4 billion, bybit has ensured that it will keep its customers’ assets completely safe. This step will help the company strong its financial strategy and future development strategy. Although this step is a major change for Crypto Community, this decision of Bybit may be important to promote quality and safety in the web3 length in the coming time.
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