Bybit Web3 Wallet (Cloud + Keyless)

Overview

Bybit Web3 Wallet (Cloud Wallet + Keyless Wallet) is Bybit's Web3-extension suite of services that became partially-discontinued by May 31, 2025 as part of strategic operational refocus following $1.4 billion February 2025 hack [1, 2, [global-cro]].

Discontinued services (after May 31, 2025) [2]:

• Cloud Wallet (custodial hosted wallet)
• Keyless Wallet (non-custodial multi-party-computation MPC wallet)
• DEX Pro
• Swap & Bridge (cross-chain widget)
• NFT Pro (NFT marketplace)
• Fiat-to-crypto on-ramp
• Inscription marketplace
• Access point to Apex Pro derivatives DEX

Remaining-supported services (post-May 2025) [3]:

• Seed Phrase Wallet (self-custody)
• Staking features
• DApps integration
• Airdrop Arcade

Distinctive context — cautionary tale: Bybit's strategic shift reflects $1.4B February 2025 hack impact + need to narrow Web3 services to refocus on growth + innovation in onchain ecosystem. Bybit-Web3-services-discontinuation represents one of the largest crypto-exchange Web3-wallet pivots in 2025.

History

2018 — Bybit founded as cryptocurrency exchange.

2023 — Bybit launches Web3 Wallet suite (Cloud + Keyless MPC).

February 2025 — $1.4 billion Bybit hack [2]: Massive crypto-exchange-security incident; led to strategic overhaul.

May 31, 2025 — Bybit ends Cloud Wallet + Keyless Wallet + DEX Pro + Swap & Bridge + NFT Pro + fiat on-ramp + inscription marketplace + Apex Pro DEX access [1, 2].

Post-May 2025: Bybit retains Seed Phrase Wallet + Staking + DApps + Airdrop Arcade — narrowed Web3 focus.

Ownership & operator

Operating entity: Bybit Fintech Limited (Bybit cryptocurrency exchange).

Founder + CEO: Ben Zhou (Chinese-born; Singapore-based).

Major regulator presences: Cyprus CySEC + UAE VARA + various per-country crypto-exchange licenses.

Technical integration

Layer	Description
Channels	Bybit mobile app (iOS + Android) with embedded Web3 — partially-discontinued post-May 2025
Identifiers	ETH + BTC + SOL + multi-chain addresses
Discontinued services (after May 31 2025)	Cloud Wallet + Keyless MPC Wallet + DEX Pro + Swap & Bridge + NFT Pro + fiat on-ramp + inscription marketplace + Apex Pro access
Remaining services (post-May 2025)	Seed Phrase Wallet (self-custody) + Staking + DApps + Airdrop Arcade
Strategic shift trigger: $1.4B February 2025 hack impact + refocus
License	Bybit exchange per-country licensed + wallet self-custody (non-regulated)

Users & growth

Pre-discontinuation context [1]:

• Web3-services discontinuation date: May 31, 2025
• Strategic trigger: $1.4 billion February 2025 Bybit hack
• Post-May 2025 retained: Seed Phrase Wallet + staking + DApps + Airdrop Arcade
• Strategic narrative: Narrowing Web3 services to refocus growth + innovation in onchain ecosystem

Use cases (current + historical)

Pre-May 2025: Bybit Cloud Wallet (hosted custodial) + Keyless MPC Wallet (non-custodial) + DEX Pro + Swap & Bridge + NFT Pro + fiat on-ramp.

Post-May 2025: Self-custody Seed Phrase Wallet + Bybit staking + DApps + Airdrop Arcade.

Implementations & partners

Operator: Bybit Fintech Limited (Ben Zhou founder + CEO).

Major regulators: Cyprus CySEC + UAE VARA + various per-country crypto-exchange.

Major crypto-exchange Web3-wallet competitors:

• [[okx-wallet]] (50M users + 140+ blockchains + 6.5% global market share)
• [[binance-pay]] (Batch 9; Binance ecosystem)
• [[trust-wallet]] (Batch 9; Binance-owned)
• [[metamask]] (Batch 9; ConsenSys-owned EVM)

Regulators: Per-country (Cyprus CySEC + UAE VARA + others).

Fun facts

• Bybit Web3 Wallet largely discontinued by May 31, 2025 — cautionary tale of crypto-exchange Web3-wallet pivots.
• Trigger: $1.4 billion February 2025 Bybit hack (massive crypto-exchange security incident).
• 8 services discontinued: Cloud Wallet + Keyless MPC Wallet + DEX Pro + Swap & Bridge + NFT Pro + fiat on-ramp + inscription marketplace + Apex Pro.
• 4 services retained: Seed Phrase Wallet + Staking + DApps + Airdrop Arcade.
• Strategic narrative: Narrowing Web3 services to refocus growth + innovation in onchain ecosystem.
• Distinctive 2025 crypto-exchange Web3-pivot moment — alongside Bybit's broader strategic overhaul.

Comparison

Feature	Bybit Web3 Wallet	[[okx-wallet]] (OKX equivalent; thriving)	[[binance-pay]] (Binance equivalent; Batch 9)	[[trust-wallet]] (Binance-owned multi-chain; Batch 9)	[[metamask]] (ConsenSys EVM; Batch 9)
Operator	Bybit Fintech Limited (Ben Zhou founder; Web3 services largely discontinued May 31 2025)	OKX (Aux Cayes FinTech Co. Ltd.; thriving)	Binance	Trust Wallet (Binance-owned)	ConsenSys / MetaMask
Type	Bybit Web3 — Cloud + Keyless MPC + DEX Pro + Swap+Bridge + NFT Pro etc. — LARGELY DISCONTINUED May 31 2025	Most interoperable multi-chain Web3 portal	Binance ecosystem payments	Multi-chain mass-market mobile wallet	EVM-focused most popular wallet
Status	Partial-discontinued May 31 2025 (post-$1.4B Feb 2025 hack strategic refocus)	Thriving; 50M users + 140+ blockchains	Active	Active	Active
Distinctive	2025 cautionary tale of crypto-exchange Web3-wallet discontinuation; $1.4B hack trigger; narrowed to Seed Phrase + Staking + DApps + Airdrop Arcade	Surpassed MetaMask in chain support; 6.5% global market share	Binance ecosystem	Multi-chain mass-market	World's #1 EVM wallet

Status

Partial-discontinued, Bybit Web3 services largely ended May 31, 2025 [1, 2]:

• Bybit Fintech Limited (Ben Zhou founder) — Web3 Wallet suite launched 2023.
• May 31, 2025: 8 Web3 services discontinued post-$1.4B February 2025 hack.
• Retained: Seed Phrase Wallet + Staking + DApps + Airdrop Arcade.
• Cautionary tale of crypto-exchange Web3-wallet pivots in 2025.
• Cyprus CySEC + UAE VARA + per-country regulated exchange.

Sources

• 1 Bybit ends Web3 services — CryptoSlate
• 2 Bybit Web3 services discontinuation post-$1.4B hack — Yahoo
• 3 Bybit Wallet product discontinuation FAQ
• 4 Bybit shutdown strategy — OKX
• [global-cro] In-corpus: see country reports for self-custody global context

Source

Biography extracted from bybit-web3.md. See matrix.md for standards-support matrix if present.