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EOS Announces Transformation into Web3 Bank Vaulta
ICO Funding Champion
The EOS network has announced that it will be renamed Vaulta and will shift its focus to the Web3 banking sector. This transformation will be accompanied by a token swap, with the initial plan set for the end of May. At the same time, Vaulta will launch the Vaulta Banking Advisory Committee, which will be composed of experts from the finance and blockchain industries, focusing on bridging the gap between traditional banking and decentralized systems. It is reported that committee members include executives from Systemic Trust, Tetra, and ATB Financial. Following the announcement, the price of EOS tokens surged over 30%.
Alexander Nelson, Senior Director of Digital Finance at ATB Financial, stated: Vaulta’s strategic transformation to a Web3 banking operation is a significant development for the industry. This not only opens the door for traditional capital to enter decentralized finance (especially through Bitcoin) but also paves the way for greater institutional acceptance.
According to a press release, Vaulta plans to retain the technological infrastructure of the EOS network, including its smart contract architecture, decentralized database, and inter-blockchain connectivity. The platform will integrate with exSat, a digital banking solution focused on Bitcoin, as part of its Web3 banking plans.
The team describes Vaulta’s Web3 banking as having a dual strategy: one is to provide blockchain-based services for banks and emerging digital banks (neobanks); the other is to build a broader financial ecosystem, including exSat’s Bitcoin banking solutions, blockchain insurance, and tokenized real-world assets.
Additionally, Vaulta will leverage relationships with multiple partners, including Ceffu, Spirit Blockchain, and Blockchain Insurance, to expand its Web3 banking ecosystem. The company anticipates announcing more strategic partnerships in the coming months.
As of now, EOS is the project with the highest ICO funding amount, raising over $4.2 billion.
However, the project has struggled with market fit for its products over the years, and network adoption has been limited. Although it once soared to an all-time high of $14.9 in 2021, it has since declined.
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