EOS price soars 25% on Vaulta rebranding news

The price of the EOS increased by 25% after the news of its brand change in Vaulta and a transition to the web3 bank.

EOS (Eos) won 25% to $ 0.61 after the network announced its intention to rename Vaulta to “make the vision of the web3”. In a press release On Tuesday March 18, EOS said that the transition, which includes an exchange of token, should take place by the end of May, although the calendar remains subject to a change.

Yves La Rose, founder and CEO of Vaulta Foundation, says that change represents “more than a simple name change”, adding that Vaulta is the “product of years of planning, strategic development and thoughtful design”.

The brand change follows an extended period of low price performance for EOS, which has struggled to recover not only from its top of all time 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 wider effort to integrate blockchain into traditional financial services.

According to the announcement, Vaulta will act as an operating system for the web3 bank, aimed at providing scalable and decentralized financial services. The network will also present the Vaulta Banking Advisory Council, a group of banking experts responsible for helping to fill traditional finance with blockchain.

Meanwhile, the Safety Blockchain Slowmist company issuing A warning concerning intoxication attacks at the address against portfolios holding EOS. According to the cabinet, the bad players send 0.001 EOS to users to attract them by interacting without knowing it with fraudulent addresses. These attackers create portfolio addresses that closely resemble that legitimate, hoping that users will copy and wrongly stick the bad address when carrying out transactions.

As part of the brand change plans, Vaulta will integrate a Bitcoin digital banking solution, adding that the exsat services “will complete the banks of Vaulta”, positioning BTC as a key element of its financial model. Further details, including the new token ticker and additional partnerships, should be announced in the coming months.