Blockchain network EOS has announced its rebrand to ‘Vaulta’ with a shift to Web3 banking and banking advisory group, leading to a price increase for the EOS token.
Its Tuesday announcement states that Vaulta will act as a scalable and robust operating system that powers real-world financial applications.
Furthermore, it claims that the rebrand follows years of development, planning, and market observation. The aim was to integrate Web3 technology with established financial systems.
This, it argues, will unlock “the immense potential” of Bitcoin (BTC), as well as other assets and decentralized technologies. Vaulta directly integrates with exSat – a Bitcoin digital banking solution that complements Vaulta’s “BankingOS” – to position Bitcoin as “the backbone” of a DeFi ecosystem.
In line with that, EOS Network now describes itself as “a scalable operating system that powers Web3 banking.”
The team expects the official transition to occur at the end of May. This, they add, will include a token swap. At this point, the EOS token will transition to the Vaulta token. The swap will be bi-directional for four months, allowing users to exchange their tokens at a 1:1 ratio, said the blog post that provides detailed explanation of the rebrand.
However, the move is not just a name change, claims Yves La Rose, Founder and CEO of Vaulta Foundation. Rather, it’s a step to enabling accessible financial access for all as Web3 reshapes global finance. Vaulta, he adds, is “a holistic Web3 banking approach.”
To accomplish its new goals, the team says it will utilize its existing partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc., as well as the ones it will announce in the coming months.
The partnerships will help expand Vaulta’s Web3 Banking ecosystem capabilities through specific use cases for digital assets, specifically the “Four Pillars”: Wealth Management, Consumer Payments, Portfolio Management, and Insurance.
Source: EOS, Vaulta
Subsequently, this will lead to new yield-generation opportunities, says the team, enabling access to real-world asset (RWA) investments and establishing “insurance tailor made for blockchain.”
EOS Price Jumps, Vaulta Banking Advisory Council Established
EOS has seen a substantial price rise over the past day. In the past 24 hours, the coin appreciated 17.2% to the price of $0.5764. At one point on the 18 March, it briefly jumped to $0.652838.
Over the past week, it increased by 16.8%, while it’s down 9% in a week and 36% in a year.
EOS hit its all-time high price of $22.71 in April 2018, falling 97.5% since. Despite the recent bull market, it wasn’t able to move anywhere near this point.
This latest move seems to have awakened it.
Additionally, with the rebrand, the team has created the Vaulta Banking Advisory Council. It comprises banking and Web3 execs from Systemic Trust, Tetra, and ATB Financial who will provide their expertise and help with a compliant, high-level strategy to identify “key real-world piloting opportunities.”
Alexander Nelson, Senior Director of Digital Finance at ATB Financial, commented that Vaulta’s infrastructure has the potential to connect blockchain with traditional banking. Its rebrand “not only opens the door for traditional funds to enter DeFi through Bitcoin but also paves the way for greater institutional acceptance, he states.
Source: EOS, Vaulta
Meanwhile, EOS launched in 2018 as an ‘Ethereum killer’, with a record-breaking ICO of $4.1 billion.
However, in 2019, the company behind it, Block.one, faced charges by the US Securities and Exchange Commission (SEC) for conducting an unregistered ICO. Block.one decided to settle, paying a $24 million fine that the SEC requested.
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