EOS Token Jumps As Network Rebrands To ‘Vaulta’ In Strategic Pivot To Web3 Banking

EOS, a blockchain that launched in 2018 during the ICO boom to take on Ethereum, has rebranded to “Vaulta” as it pivots towards Web3 banking to capitalize on the increasing demand for innovative financial investment products.

Following the rebrand announcement, the price of EOS, the token with the largest-ever initial coin offering, soared by double digits.

The Rebrand

EOS said in a Tuesday statement that the transition to Vaulta is provisionally scheduled for the end of May. It will involve swapping the EOS token for a new token and creating an advisory group known as the Vaulta Banking Advisory Council to help with the company’s new pivot. This advisory group will include members from Systemic Trust, ATB Financial, and Tetra.

The swap will be bidirectional for four months. Through a dedicated swap portal, users can exchange their EOS tokens for Vaulta at 1:1.

EOS stated in a separate statement that the Vaulta token will also be listed on the 136 exchanges where EOS currently trades. The token ticker and additional technical details will be announced at a later date.

Vaulta intends to maintain its underlying technical infrastructure from the EOS Network, including integration with the Bitcoin-focused digital banking solution exSat. exSat complements Vaulta’s BankingOS system and offers a suite of institutional-grade financial services via various partnerships with projects, including Ceffu, Spirit Blockchain, and Blockchain Insurance.

“This transformation represents more than just a name change; it’s a decisive step forward in our mission to deliver open, accessible financial access for everyone. Vaulta is the product of years of planning, strategic development, and thoughtful design, culminating in a holistic Web3 banking approach,” said Yves La Rose, founder and CEO of Vaulta Foundation.

EOS Token Soars Double Digits

The Network rebrand to Vaulta marks the latest chapter for EOS, the embattled network launched by Block.one co-founders Dan Larimer and Brendan Blumer to much fanfare in June 2018 off the back of the biggest $4.1 billion ICO in crypto history.

Keen to jump at the chance, traders propelled the network’s native EOS token by 27% to a local high of $0.6528 shortly after the announcement, CoinGecko data shows.

Despite the price surge, the token currently remains down by 97.4% from the all-time high of $22.71 set almost seven years ago, signaling the challenges the blockchain has encountered since its historic debut.

EOS was one of the top 10 cryptocurrencies by market cap for several years after its launch. However, its value has been in a downward spiral and is now ranked 95th, per CoinGecko.