EOS Network rebrands to Vaulta in shift to Web3 banking

The EOS Network, a blockchain that launched successful 2018 amid the archetypal coin offering boom, has rebranded to Vaulta and volition pivot to focusing connected Web3 banking. 

The power to Vaulta is tentatively scheduled for the extremity of May and volition see a caller token and the constitution of an advisory radical known arsenic the Vaulta Banking Advisory Council to assistance with the firm’s caller direction, the institution said successful a March 18 statement.

In a abstracted statement, the steadfast said the network’s EOS (EOS) token volition modulation to the Vaulta Token, which volition beryllium disposable connected the astir 140 exchanges wherever EOS trades and done a swap portal disposable successful May. It added that the token’s ticker and method details volition beryllium revealed astatine a aboriginal date. 

Source: EOS Network

Vaulta volition besides inherit EOS Network’s underlying infrastructure, including integration with the Bitcoin integer banking solution, exSat, which complements Vaulta’s BankingOS system, offering a suite of fiscal services done partnerships with Ceffu, Spirit Blockchain and Blockchain Insurance Inc. 

EOS Network’s rebranding to Vaulta marks a important people correction for the blockchain,  which launched to large fanfare successful June 2018 disconnected the backmost of a year-long and largest-ever $4.1 cardinal ICO tally by the institution down the network, Block.one.

Following its launch, EOS was a apical 10 task by marketplace headdress for respective years. But its worth has been successful dependable diminution and is present conscionable wrong the apical 100, sitting astatine 95, according to CoinGecko.

There’s a scope of opinions astir wherever EOS went wrong. Some who volunteered to assistance successful processing the web say determination was a deficiency of support and absorption from Block.one. 

Related: Tracing the improvement of Blockchain, with Eos Network Foundation exec

Block.one made a $24 million settlement with the Securities and Exchange Commission successful September 2019, and immoderate commentators argued that the firm’s absorption past shifted from EOS’ basal tech to different projects — similar the societal app-turned-NFT marketplace Voice and the crypto speech Bullish.

Goodblock CEO Douglas Horn believes EOS investors were misled from the start, telling Cointelegraph Magazine successful 2023 that “Block.one did a deceitful ICO, whether that was planned from the opening oregon not.”

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