As one of the major pioneers of the blockchain revolution, EOS has unveiled its plan to pivot its innovations to feature Web3 banking. As part of the plans, it is rebranding to Vaulta.
Scalable blockchain infrastructure provider EOS Network is rebranding to Vaulta in a bid to migrate to Web3 banking. This transition comes with the debut of a token swap and a Banking Advisory Council of financial and blockchain industry experts.
Vaulta to Build on EOS Network Infrastructure
As Vaulta, EOS Network plans to take on Ethereum (ETH) and bring new capabilities to its users.
Vaulta will still leverage the blockchain’s existing EOSIO software and integrate with exSat. exSat is perceived as a “docking layer” that brings smart contracts to Bitcoin (BTC). It also intends to maintain EOS Network’s decentralized database and inter-blockchain connectivity.
As part of the network’s new functionality, the cross-chain system will include 1-second transaction finality and C++ and EVM-compatible smart contracts. Several institutional investors are likely to benefit from this new Vaulta “web3 Banking OS.”
Through Vaulta’s partnership with projects like Ceffu, Blockchain Insurance, and Spirit Blockchain, users will enjoy a suite of institutional-grade financial services.
These are some of the leading Web3 projects in the industry, and they could revolutionize the banking sector.
Spirit Blockchain facilitates fractional ownership of traditionally illiquid real-world assets, including real estate, commodities, and private equity. Ceffu is known for providing services like custody, staking, and Bitcoin yield strategies.
Some other strategic partnerships are expected to follow soon. Meanwhile, the swap of EOS for the new Vaulta token will commence in May, but this will only be possible if the proposal is approved. Also, the Vaulta Banking Advisory Council will include Systemic Trust, Tetra, and ATB Financial members.
Crypto Regulation Takes Shape
More than offering open, accessible financial access for investors, Vaulta comes at a time of ongoing improvement in the regulatory framework of digital assets. The European Union’s Market in Crypto Assets (MiCA) regulation became effective on December 30, 2024, bringing a comprehensive regulatory shift to the industry.
So far, some digital asset service providers have begun seeking approval to help them comply with jurisdictional regulations. Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA) recently secured approval from the region’s Securities and Exchange Commission (CNMV) to offer Bitcoin and Ethereum trading.
Austrian company Bitpanda obtained a license from Germany’s Federal Financial Supervisory Authority (BaFin) under the MiCA rule in January. These moves reflect the growing adoption of crypto solutions and the improving regulatory landscape.
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