The EOS Network, recognized for its robust blockchain infrastructure, is undergoing a rebranding to Vaulta as it shifts its focus to Web3 banking. This change will involve a token swap, tentatively set to take place at the end of May.
Simultaneously, the Vaulta Banking Advisory Council is being launched, comprising professionals from finance and the blockchain industry who aim to connect traditional banking with decentralized systems. Notable members include leaders from Systemic Trust, Tetra, and ATB Financial, as mentioned in a recent press statement.
“The strategic shift of Vaulta towards Web3 banking marks an important milestone for the sector,” commented Alexander Nelson, senior director of digital finance at ATB Financial. “This initiative not only facilitates the entrance of traditional funds into decentralized finance via Bitcoin but also encourages broader institutional acceptance.”
Vaulta intends to retain its technical foundation from the EOS Network, which includes its smart contract framework, decentralized database, and inter-blockchain capabilities. The platform will also incorporate exSat, a Bitcoin-centric digital banking solution, into its Web3 banking strategy.
The project is expected to harness a variety of partnerships to broaden its Web3 banking ecosystem, collaborating with organizations such as Ceffu, Spirit Blockchain, and Blockchain Insurance. Additional strategic alliances are anticipated to be announced in the upcoming months.
“This transition signifies more than a mere rebranding; it’s a crucial advancement in our goal to provide inclusive financial access for everyone. Vaulta embodies years of meticulous planning, strategic growth, and careful design, culminating in a comprehensive Web3 banking framework,” stated Yves La Rose, founder and CEO of the Vaulta Foundation.
The team articulated Vaulta’s approach to Web3 banking as being multi-faceted, catering to both banks and neobanks with blockchain-driven services while also creating an expansive financial ecosystem that features exSat’s Bitcoin banking options, blockchain insurance, tokenized real-world assets, and more.
The network has operated continuously for almost seven years, highlighting stability as a cornerstone of its strategy. Improvements in the network’s speed, security, and interoperability indicate it is now ready for wider acceptance.
This rebranding coincides with the increasing clarity of regulatory frameworks for digital assets, like the European Union’s Markets in Crypto-Assets (MiCA). La Rose remarked that these developments create a “timely opportunity” to align Vaulta’s brand with its emphasis on Web3 banking.