EOS Network Rebrands to Vaulta, Shifting Focus to Web3 Banking
The EOS Network, recognized for its robust and scalable blockchain infrastructure, is undergoing a significant transformation as it rebrands itself to Vaulta. This strategic shift marks a decisive pivot towards the burgeoning field of Web3 banking. As part of this transition, a token swap is tentatively scheduled for the end of May, signaling a new chapter for the platform.
In conjunction with the rebranding, Vaulta is launching the Vaulta Banking Advisory Council, which will comprise a diverse group of financial and blockchain industry experts. This council aims to bridge the divide between traditional banking systems and decentralized financial frameworks. Notable members of this council include executives from Systemic Trust, Tetra, and ATB Financial, as highlighted in a recent press release shared with CoinDesk.
According to Alexander Nelson, senior director of digital finance at ATB Financial, “Vaulta’s strategic realignment towards Web3 banking is a significant development for the industry. This move not only opens the door for traditional funds to enter decentralized finance through Bitcoin but also paves the way for greater institutional acceptance.”
Vaulta intends to retain its technical infrastructure inherited from the EOS Network, including its smart contract architecture, decentralized database, and inter-blockchain connectivity. As part of its Web3 banking initiative, the platform plans to integrate with exSat, a digital banking solution focused on Bitcoin.
The initiative aims to leverage a variety of partnerships to enhance its Web3 banking ecosystem, with collaborations already in place with Ceffu, Spirit Blockchain, and Blockchain Insurance. Further strategic partnerships are expected to be announced in the coming months, indicating Vaulta’s commitment to broadening its reach and capabilities.
Yves La Rose, founder and CEO of Vaulta Foundation, remarked, “This transformation represents more than just a name change; it’s a decisive step forward in our mission to deliver open, accessible financial access for everyone. Vaulta is the product of years of planning, strategic development, and thoughtful design, culminating in a holistic approach to Web3 banking.”
The Vaulta team has articulated a dual approach to Web3 banking, which includes offering blockchain-based services specifically tailored for banks and neobanks. Additionally, they will provide a wider financial ecosystem that features exSat’s Bitcoin banking solutions, blockchain insurance, tokenized real-world assets, and much more. The network’s stability, having maintained uninterrupted operation for nearly seven years, serves as a testament to its reliability as Vaulta seeks to position itself for mainstream adoption.
This rebranding comes at a critical time as regulatory frameworks for digital assets are becoming more clearly defined, particularly with the European Union’s Markets in Crypto-Assets (MiCA) legislation. La Rose noted that these regulatory developments create an opportune moment for aligning Vaulta’s brand with its renewed focus on Web3 banking, setting the stage for future growth and innovation in the digital finance landscape.
