| Key Points: – EOS Network is transitioning to Vaulta to focus on Web3 banking, with a token swap planned for May 2025. – Vaulta will integrate the exSat Bitcoin banking solution and collaborate with financial firms like Ceffu, Spirit Blockchain, and Blockchain Insurance Inc. |
EOS Network is set to undergo a major transformation as it rebrands to Vaulta, a move aimed at strengthening its position in the Web3 banking sector.
As part of this shift, the blockchain platform plans to conduct a token swap, tentatively scheduled for the end of May 2025, pending confirmation.
EOS Network Transforms into Vaulta with Web3 Banking Focus
The transition includes the establishment of the Vaulta Banking Advisory Council, composed of financial and blockchain industry experts. The council’s objective is to bridge the gap between traditional banking and decentralized finance (DeFi). According to a press release, members include executives from Systemic Trust, Tetra, and ATB Financial.
Vaulta will retain EOS Network’s existing blockchain infrastructure while integrating the exSat Bitcoin digital banking solution. This integration is expected to enhance its BankingOS system, which offers blockchain-based financial services. The initiative includes partnerships with entities such as Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
Immediately following the news, EOS token quickly increased by more than 30% with volume skyrocketing by 500% in the past 24 hours as of writing.
Originally launched in June 2018, EOS Network was introduced with significant enthusiasm following a record-breaking $4.1 billion initial coin offering (ICO) conducted by Block.one.
Addressing Past Challenges to Redefine Blockchain Banking
Despite its initial promise, the network faced criticism over its development trajectory, with some early contributors citing a lack of sustained support and strategic direction from Block.one.
In 2019, Block.one reached a $24 million settlement with the U.S. Securities and Exchange Commission (SEC), and its focus subsequently shifted to other projects, including the Voice social platform and the Bullish crypto exchange.
EOS Network, co-founded by Dan Larimer and Brendan Blumer, was designed to tackle scalability and usability issues faced by earlier blockchains like Ethereum. Utilizing a delegated proof-of-stake (DPoS) consensus mechanism, EOS allowed token holders to nominate 21 block producers responsible for managing the network with high transaction throughput and lower fees.
The rebranding to Vaulta signals a strategic shift for the blockchain. The project will take a dual approach, catering to banks and neobanks with blockchain solutions while expanding its ecosystem with offerings such as Bitcoin banking, blockchain insurance, and tokenized real-world assets.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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