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.” In a press release on Tuesday, March 18, EOS said the transition, which includes a token swap, is expected to take place by the end of May, though the timeline still remains subject to change.
Yves La Rose, founder and CEO of the Vaulta Foundation, claims the shift represents “more than just a name change,” adding that Vaulta is the “product of years of planning, strategic development, and thoughtful design.”
The rebrand follows a prolonged period of weak price performance for EOS, which has struggled to recover not only from its all-time high in 2018 but also from its 2021 levels, which were more than 30% lower than its peak. The transition is described as part of a broader effort to integrate blockchain with traditional financial services.
According to the announcement, Vaulta will act as an operating system for web3 banking, aiming to provide scalable and decentralized financial services. The network will also introduce the Vaulta Banking Advisory Council, a group of banking experts tasked with helping to bridge traditional finance with blockchain.
https://twitter.com/SlowMist_Team/status/1902224357839323641
Meanwhile, blockchain security firm SlowMist issued a warning about address poisoning attacks on wallets holding EOS. According to the firm, bad actors are sending out 0.001 EOS to users to lure them into unknowingly interacting with fraudulent addresses. These attackers create wallet addresses that closely resemble legitimate ones, hoping users will mistakenly copy and paste the wrong address when making transactions.
As part of the rebrand plans, Vaulta will integrate with exSat, a Bitcoin digital banking solution, adding that exSat’s services will “complement Vaulta’s BankingOS,” 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.
