Bibit shuts down four more Web3 services after x NFT Marketplace

BYBIT is shutting down more Web3 services after x inappropriate token (NFT) marketplace in early April.

According to an announcement on April 16th, Exchange is shutting down its cloud wallet (hosted managed wallet), keyless wallet (non-customer multi-party calculation wallet without seed phrases), NFT Marketplace, Multi-Chain Distributed Exchange (DEX) DEX Pro and Swap & Bridge Cross -Chain Swap Widget on May 31st.

On April 28th, BYBit will cancel Web3 Points. Web3 Points cancels internal loyalty programs that reward on-chain activities with points redeemable for rate discounts, airdrop boosts, and early bird perks.

On the same day, Exchange will close the inscription market, the decentralized NFT marketplace NFT Pro, gateway to Apex Pro Derivatives Dex, crypto-on lamps from Fiat, and the first DEX offering services.

Related: Bibit recovers market share to 7% after $1.4 billion hack

Strategic Pivot

Bybit announced its intention to close the NFT market earlier this month. This decision follows a similar decision by the major NFT marketplace X2Y2.

Still, the company doesn’t just cut its products. According to a recent report, BYBIT has integrated the generation product of Bitcoin (BTC) lending protocol Avalon to provide users with Bitcoin yields. Avalon said it will allow users of the platform to earn yields from Bitcoin by arbitrating with a fixed-rate institutional borrower.

Bybit recently rejected the allegation that it would charge $1.4 million to list tokens on the platform following allegations made by social media users.

Related: Bitmex CEO explains persistent swap test AltCoin values

Bibit refocuses that effort

Bybit said it is shutting down its services to focus on the quality of its core products. The announcement is as follows:

“We will optimize our current Web3 products and services offerings in line with our commitment to an evolving on-chain ecosystem and providing high-quality services to Web3 users.”

These obvious cost-cutting efforts by the company follow BYBit’s roughly $1.4 billion losses in major hacks in February.

“Even if the losses from this hack have not been recovered, the bibit is a solvent. All client assets are backed 1:1. We can cover the losses.”

Bybit did not respond to publicly requested comment from Cointelegraph.

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