The price of EOS rose 25% following news of its rebrand to Vaulta and a shift toward web3 banking.

EOS (EOS) gained 25% to $0.61 after the network announced plans to rebrand as Vaulta to “realize the vision of web3 banking.”

The price of EOS (EOS) surged 25% on Tuesday after the network announced plans to rebrand as Vaulta and shift toward web3 banking.

The transition, which includes a token swap and is expected to take place by the end of May, will see the network act as an operating system for web3 banking, aiming to provide scalable and decentralized financial services.

The move comes after a weak period of price performance for EOS, which is yet to recover from its all-time high in 2018. The transition is also described as part of a broader effort to integrate blockchain with traditional financial services.

According to the announcement, the network will introduce the Vaulta Banking Advisory Council, a group of banking experts tasked with helping to bridge traditional finance with blockchain.

Meanwhile, blockchain security firm SlowMist has warned about address poisoning attacks on wallets holding EOS.

According to the firm, bad actors are sending out 0.001 EOS to users in a bid to lure them into unknowingly interacting with fraudulent addresses.

These attackers create wallet addresses that closely resemble ones used by exchanges or other platforms in a bid to get users to make mistakes when copying and pasting addresses.

As part of the rebrand plans, Vaulta will also integrate with exSat, a Bitcoin digital banking solution, adding that exSat’s services will “complement Vaulta’s BankingOS” and positioning BTC as a key component of its financial model.

Further details, including the new token ticker and additional partnerships, are expected to be announced in the coming months.