EOS Rebrands into Vaulta, Targets Web3 Banking with New Token Launch

EOS is back, the public blockchain that debuted in 2018 as a challenger to Ethereum, is rebranding to Vaulta. This transformation aligns with the platform’s new focus on “web3 banking,” a growing sector that blends decentralized technology with financial services.

The announcement, made on Tuesday, comes as the EOS token experiences a modest uptick, climbing 2% to approximately $0.52. If the rebranding proposal gains approval, EOS token holders will have the opportunity to swap their holdings for the new Vaulta token starting in May, with the token set to trade on the 136 exchanges currently supporting EOS. While a ticker symbol and additional technical details remain forthcoming, the Vaulta team has promised more clarity in the near future.

Vaulta aims to leverage the existing EOSIO software, a robust blockchain framework, while integrating with exSat, a “docking layer” designed to bring smart contract functionality to Bitcoin. This cross-chain system promises rapid one-second transaction finality and compatibility with both C++ and Ethereum Virtual Machine (EVM) smart contracts, positioning Vaulta as a versatile player in the blockchain ecosystem.

Beyond technical upgrades, Vaulta’s “web3 Banking OS” will offer institutional-grade financial services through strategic partnerships with entities like Ceffu, Spirit Blockchain, and Blockchain Insurance. These collaborations will enable features such as custody and staking solutions from Ceffu, as well as fractional ownership of real-world assets like real estate and commodities via Spirit Blockchain, catering to a rising demand for innovative financial products.

A New Chapter Guided by Industry Expertise

The rebranding marks a pivotal moment for EOS, a project that once captured the crypto world’s imagination with its $4.1 billion initial coin offering (ICO), one of the largest in history.

Created by Block.one co-founders Dan Larimer and Brendan Blumer, EOS sought to tackle scalability and usability challenges faced by earlier blockchains like Ethereum through its delegated proof-of-stake (DPoS) consensus mechanism. This approach allowed for high transaction throughput and lower fees by relying on 21 elected block producers chosen by token holders. Despite its ambitious start and a peak market cap nearing $18 billion in 2018, EOS struggled to maintain momentum, settling today as the 16th most active smart contract chain with a market cap of $775 million.

The Vaulta Banking Advisory Council, composed of experts from Systemic Trust, Tetra, and ATB Financial, will guide this next phase, lending credibility and insight to the project’s financial ambitions. The team behind Vaulta views this evolution as a timely response to surging global interest in cryptocurrency and a public eager for cutting-edge financial tools. “The time has finally arrived,” the Vaulta team stated, emphasizing years of groundwork that began with EOS Network and now aims to reshape banking through blockchain technology.

This isn’t the first time EOS has navigated significant change. In 2019, Block.one settled a lawsuit with the U.S. Securities and Exchange Commission over its ICO, paying a $24 million penalty—less than 1% of the funds raised—without admitting wrongdoing. Two years later, Blumer, a former game designer who relinquished his U.S. citizenship, shifted Block.one’s focus toward new ventures, including the launch of Bullish Global, a crypto exchange backed by investor Peter Thiel.

Now, as Vaulta emerges from EOS’s legacy, the blockchain is poised to redefine its story, blending its technical roots with a forward-looking vision for decentralized finance. Whether this pivot will restore EOS’s former prominence remains to be seen, but the move underscores the adaptability required to thrive in the ever-evolving crypto landscape.