EOS Network Rebrands to Vaulta, Pivots to Web3 Banking

The EOS Network, a blockchain platform that launched in 2018 during the initial coin offering boom, has announced a significant rebranding to Vaulta. This shift marks a strategic pivot towards Web3 banking, aiming to integrate decentralized finance (DeFi) with traditional banking services. The rebranding is scheduled to take effect by the end of May and will include the introduction of a new token and the establishment of the Vaulta Banking Advisory Council. This council will consist of experts in both traditional banking and Web3 technologies, providing valuable insights and guidance to navigate the evolving financial landscape.

Vaulta will inherit the underlying infrastructure of the EOS Network, including its integration with the Bitcoin digital banking solution, exSat. This integration complements Vaulta’s BankingOS system, offering a suite of financial services through partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc. The rebranding to Vaulta signifies EOS Network's commitment to unlocking the potential of Bitcoin, digital assets, and the future of Web3 banking. By creating a secure and scalable financial ecosystem, Vaulta aims to offer users a seamless and innovative banking experience.

The transition to Vaulta will involve a comprehensive overhaul of the EOS Network's infrastructure and services. The platform will maintain its smart contract capabilities, ensuring that developers and users can continue to build and utilize decentralized applications (dApps) within the new ecosystem. The rebranding is not just a change in name but a fundamental shift in the platform's focus, positioning Vaulta as a leader in the Web3 banking sector. The creation of the Vaulta Banking Advisory Council is a key component of this transformation. The council will consist of industry experts who will provide strategic advice and direction, helping Vaulta to stay at the forefront of technological advancements and regulatory compliance. This advisory group will play a crucial role in shaping the future of Web3 banking, ensuring that Vaulta remains a trusted and innovative player in the financial industry.

The rebranding to Vaulta is a bold move by the EOS Network, signaling its ambition to become a major player in the Web3 banking space. By leveraging its existing technology and expertise, Vaulta aims to create a financial ecosystem that is both secure and scalable, offering users a new way to manage their digital assets and engage with the future of finance. This strategic shift is set to have a significant impact on the blockchain and financial industries, as Vaulta seeks to redefine the boundaries of Web3 banking. The rebranding to Vaulta marks a significant course correction for the blockchain, which launched to great fanfare in June 2018 off the back of a year-long and largest-ever $4.1 billion ICO run by the company behind the network, Block.one. Following its launch, EOS was a top 10 project by market cap for several years. However, its value has been in steady decline. There’s a range of opinions about where EOS went wrong. Some who volunteered to assist in developing the network say there was a lack of support and direction from Block.one. Block.one made a $24 million settlement with the Securities and Exchange Commission in September 2019, and some commentators argued that the firm’s focus then shifted from EOS’ base tech to other projects. Goodblock CEO Douglas Horn believes EOS investors were misled from the start, telling that “Block.one did a deceitful ICO, whether that was planned from the beginning or not.”