EOS rebrands to Vaulta for $4.1B Web3 banking push

The EOS Network, known for its record-breaking $4.1 billion initial coin offering in 2018, has announced a significant rebranding to Vaulta as it shifts its focus toward Web3 banking services.

This strategic pivot aims to integrate decentralised finance (DeFi) with traditional banking, offering a comprehensive suite of financial services.

The transition to Vaulta is scheduled to take effect by the end of May and will include a token swap, replacing the EOS (CRYPTO:EOS) token with the new Vaulta Token.

The token will be available on nearly 140 exchanges where EOS currently trades, as well as through a swap portal set to launch in May.

Vaulta will retain the EOS Network's underlying infrastructure, including its smart contract architecture, decentralised databases, and cross-chain connectivity.

The platform will integrate with exSat, a Bitcoin-focused digital banking solution, complementing Vaulta's BankingOS system.

This integration will provide a range of financial services through partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.

To support its new direction, Vaulta has established the Vaulta Banking Advisory Council, comprising experts from both the financial and blockchain sectors.

This council includes executives from Systemic Trust, Tetra, and ATB Financial, aiming to bridge the gap between traditional banking and decentralised systems.

Yves La Rose, founder and CEO of Vaulta Foundation, emphasised that this transformation represents a decisive step forward in delivering open and accessible financial access.

"Vaulta is the product of years of planning, strategic development, and thoughtful design, culminating in a holistic Web3 banking approach," he said.

The rebranding marks a significant course correction for EOS, which has seen its market value decline since its peak.

Despite this, the shift to Vaulta positions the platform for mainstream adoption by leveraging its existing technology and expertise to create a secure and scalable financial ecosystem.

At the time of reporting, the EOS price was $0.6458.