EOS (EOS) rebrands to Vaulta and pivots to Web3 banking

EOS Network announced on Tuesday that it will rebrand to Vaulta, aligning with a strategic shift to Web3 banking.

output: Cryptocurrency platform EOS (EOS) announced on Tuesday its rebranding to Vaulta and a pivot toward Web3 banking, a move that has seen the token surge in value.

What Happened: EOS Network is changing its name to Vaulta and will be focused on Web3 banking, the platform said. The change will also see the introduction of a banking advisory group, which will include several financial and blockchain experts.

The move comes as part of a broader shift in the cryptocurrency industry toward new use cases and technologies. Among the experts joining the advisory board are Lawrence Truong, CEO of Systemic Trust; Didier Lavalle, CEO of Tetra; and Alexander Nelson, Senior Director, Digital Finance at ATB Financial.

"The Banking Advisory Council will provide invaluable guidance as we navigate the exciting possibilities of Web3 banking," said Yves La Rose, Founder and CEO, Vaulta Foundation.

"We are honored to have such a distinguished group of advisors join us on this journey," he added.

The platform also announced plans for a token swap, which will allow EOS holders to exchange their tokens for Vaulta tokens at a 1:1 ratio. The swap is expected to take place by May 20, 2025, and will be subject to the approval of the Vaulta community.

Top Gainer: Among the top crypto gainers on Tuesday, EOS saw a nearly 15% surge in its token price following the announcement of rebranding plans and a shift in focus to Web3 banking. The move generated considerable interest in the cryptocurrency space.

Earlier this year, the token hit a peak price level of $3.66 in January, driven by anticipation for the upcoming transition to Vaulta.

Despite the impressive gains observed in crypto tokens on Tuesday, broader market optimism remains subdued as macroeconomic uncertainties continue to exert pressure on both traditional and crypto investments. Rising inflation and concerns over a potential recession are prompting investors to adopt a more cautious approach.output: Cryptocurrency platform EOS (EOS) is pivoting to Web3 banking and introducing a banking advisory group, with several experts from the financial and blockchain domains joining the initiative.

The platform, now known as Vaulta, is making this shift in response to the evolving needs of the global financial landscape, which is rapidly integrating digital technologies.

"This transformation marks more than just a name change; it's a decisive step forward in our mission to deliver open, accessible financial access for everyone," said Yves La Rose, Founder and CEO, Vaulta Foundation.

"Vaulta is the product of years of planning, strategic development, and thoughtful design, culminating in a holistic Web3 banking approach. Web3 has the potential to reshape global finance, and Vaulta is at the forefront of this evolution."

The move follows years of planning by the EOS community to transition the platform to a new phase, focusing on broader financial inclusion and interoperability.

The initiative will also see the introduction of a Banking Advisory Council, which will provide expert insights on the integration of blockchain and traditional banking systems.

Members of the council include:

* Lawrence Truong, Chief Executive Officer, Systemic Trust

* Didier Lavalle, Chief Executive Officer, Tetra

* Alexander Nelson, Senior Director, Digital Finance, ATB Financial

* Jonathan Rizzo, Senior Business Solution Specialist, Digital Finance, ATB Financial

Their expertise will be crucial in guiding Vaulta as it develops innovative banking solutions for the Web3 era.

The plans for the token swap will see existing EOS tokens converted to Vaulta tokens at a 1:1 ratio, an exchange that is expected to take place by May 20, 2025, pending approval from the community.

This move is part of a broader shift in the cryptocurrency industry as platforms seek to align their offerings with the evolving needs and preferences of their user base.

The combination of strategic rebranding, positive price movement, and community engagement creates a bullish outlook for EOS as it transitions to Vaulta and aims to capture a part of the Web3 banking market.

However, it's important to note that crypto markets are known for their volatility, and investors should approach any investment decisions with caution, considering the broader macroeconomic environment.

With rising inflation and concerns over a potential recession, investors are displaying a preference for less risky investments, a shift in attitude that could affect both traditional and crypto markets.