2025-03-19
March 18, 2025 – The EOS Network, once
the blockchain with the largest-ever initial coin offering (ICO), has announced
a major rebranding to Vaulta as it pivots toward Web3 banking services.
The transition is expected to be
finalized by the end of May and will include a new token and the creation of an
industry-focused Vaulta Banking Advisory Council.
EOS Token Transition to Vaulta Token
As part of the rebrand, the EOS token
will be swapped 1:1 for the new Vaulta Token, which will be listed on the 136
exchanges where EOS currently trades.
A dedicated swap portal will also be
launched in May, with additional details regarding the token’s ticker and
technical specifications to be released later.
Vaulta’s Vision for Web3 Banking
Vaulta will retain the EOS Network’s
core infrastructure, integrating exSat, a Bitcoin-based digital banking
solution, and its proprietary BankingOS system.
The revamped blockchain aims to provide
a suite of institutional-grade financial services through collaborations with
Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
Spirit Blockchain specializes in
enabling fractional ownership of traditionally illiquid assets like real
estate, commodities, and private equity, while Ceffu offers custody, staking,
and Bitcoin yield strategies.
The newly formed Vaulta Banking
Advisory Council will include financial and blockchain industry experts from
Systemic Trust, Tetra, and ATB Financial, guiding the company’s shift into the
financial sector.
The rebrand represents a major shift
for EOS, which launched in 2018 after a record-breaking $4.1 billion ICO run by
Block.one.
Initially, EOS was among the top 10
blockchains by market capitalization, but its value has steadily declined,
currently ranking 95th, according to CoinGecko.
Many in the blockchain community
attribute EOS’s struggles to a lack of direction and support from Block.one.
In 2019, the company paid a $24 million
settlement to the U.S. Securities and Exchange Commission (SEC) over its ICO
but did not admit to any wrongdoing.
Critics argue that Block.one shifted
its focus away from EOS to projects like the Voice NFT marketplace and the
Bullish crypto exchange.
Goodblock CEO Douglas Horn has openly
criticized the ICO, stating in 2023 that "Block.one did a deceitful ICO,
whether that was planned from the beginning or not.”
Despite its challenges, Vaulta’s
leadership sees this transformation as an opportunity to reshape the future of
Web3 banking. The company emphasized in a statement:
"The time has finally arrived.
After years of building the foundations behind the scenes, what began as EOS
Network is about to redefine the banking landscape. The global appetite for
cryptocurrency has surged, and public demand for innovative financial products
is at an all-time high.”
The rebranded Vaulta blockchain will
continue utilizing its EOSIO-based software, integrating exSat’s cross-chain
smart contract capabilities with 1-second transaction finality and
compatibility with C++ and EVM-based smart contracts.
EOS was initially developed to rival
Ethereum, boasting a Delegated Proof-of-Stake (DPoS) consensus mechanism for
high-speed transactions with low fees.
The project saw early success, reaching
a market cap of nearly $18 billion in 2018. However, its current valuation has
dropped to $775 million.
Vaulta’s shift signals a fresh attempt
to revitalize the EOS ecosystem and establish a competitiveness in Web3
finance.
