Following the announcement of its rebranding to Vaulta and a strategic shift towards web3 banking, the price of EOS surged by 25%.
EOS (EOS) experienced a 25% increase, reaching $0.61, after the network revealed its intention to rebrand as Vaulta to fulfill the goal of developing web3 banking. In a statement released on Tuesday, March 18, the organization mentioned that the makeover, which will involve a token swap, is anticipated to be completed by the end of May, though this timeline may still change.
Yves La Rose, founder and CEO of the Vaulta Foundation, emphasized that this transition signifies “more than merely a new name,” highlighting that Vaulta is the culmination of extensive planning, strategic development, and careful design.
This rebranding comes after a lengthy period of lackluster price performance for EOS, which has struggled to bounce back not only from its peak in 2018 but also from its 2021 valuation, which was over 30% lower than its highest point. The transition is framed as part of a wider initiative to merge blockchain technologies with conventional financial services.
According to the announcement, Vaulta will serve as an operating system for web3 banking, with an aim to deliver scalable and decentralized financial solutions. Additionally, the network plans to establish the Vaulta Banking Advisory Council, comprised of banking experts who will work to connect traditional finance with blockchain applications.
In another development, the blockchain security company SlowMist issued a cautionary note regarding address poisoning attacks targeting wallets that contain EOS. The firm reported that malicious actors are dispensing 0.001 EOS to users, attempting to entice them into interacting with deceptive addresses. These perpetrators create wallet addresses that closely mimic legitimate ones, hoping users will inadvertently copy and paste the incorrect address when conducting transactions.
As a facet of its rebranding efforts, Vaulta intends to partner with exSat, a Bitcoin digital banking service, noting that exSat’s offerings will “complement Vaulta’s BankingOS,” positioning BTC as a critical element of its financial strategy. More information, including the new token symbol and additional collaborations, is expected to be revealed in the upcoming months.