EOS Network Rebrands as Vaulta as It Pivots Toward Web3 Banking

EOS Network, which hosted the largest ICO ever raising $4 billion during the ICO boom, has changed its name to Vaulta to expand into Web3 banking

The EOS Network is pivoting towards Web3 banking as it announced on March 14 that it would be rebranding to Vaulta. The company, which hosted the largest ICO ever during the 2018 boom, raised a record-setting $4.1 billion from the community.

As part of the transition, which is set to be completed by May, the firm will be launching a new token and establishing the Vaulta Banking Advisory Council to guide its new direction.

The company plans to keep the EOS token, which is currently listed on nearly 140 exchanges, and will introduce a swap portal in May.

While the firm did not disclose the new token’s ticker or technical features, it stated that it would provide more details at a later stage.

Furthermore, the company will be carrying over the EOS Network’s infrastructure, including its connection to the Bitcoin banking platform exSat. This move will strengthen Vaulta’s new BankingOS system, which delivers financial services in partnership with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.

Announced in June 2018 to immense hype, the EOS Network was initially created by Block.one, which went on to organize the largest-ever ICO, ultimately raising $4.1 billion.

For several years following its introduction, EOS consistently ranked among the top 10 cryptocurrencies by market value.

Over time, EOS experienced a decline in value and now ranks 95th on CoinGecko, although it remains within the top 100.

Different analysts have offered various explanations for EOS’s loss of momentum. Some developers who worked on the network maintain that Block.one’s lack of support and leadership hindered progress.

After reaching a settlement with the SEC in September 2019 for $24 million, Block.one lost interest in EOS’s foundational technology and instead focused on projects like Voice, which transitioned from a social app to an NFT marketplace, and the Bullish crypto exchange.

However, Yves La Rose, founder and CEO of the EOS Network Foundation (ENF), stated that the EOS community took control because Block.one refused to fund the ecosystem following its 2018 ICO. In May 2023, EOS CEO called for legal action against Block.one.

La Rose highlighted that the community had to build everything from scratch since they did not control any of the prior intellectual property.

He emphasized how years of capital scarcity had plagued the ecosystem, making it crucial to inject funds quickly and effectively.

But the community needed to integrate funds before establishing the processes and frameworks that would guide decision-making.

When asked why he advised the community to reject Block.one’s settlement offer, La Rose argued that the proposed amount represented only “a tiny fraction of the $4.1 billion that Block.one collected from the community during its ICO sale.”

Moreover, he asserted that the settlement sum fell far short of the $1 billion that the blockchain firm had promised to contribute to the EOS Network and community but ultimately failed to provide.