EOS Network, known for its scalable blockchain infrastructure, is converting to Vaulta when it comes to web3 banking. The transition comes with a token swap that is currently scheduled until the end of May.
It also comes with the launch of Vaulta Banking Advisory Council, a group of economic and blockchain industry experts who focused on bridging traditional banking and decentralized systems. Members include Leaders of Systemic Trust, Tetra and ATB Financial, according to a press release shared with Coindesk.
“Vaulta’s strategic adaptation to web3 banking is a significant development for the industry,” said Alexander Nelson, senior director of digital finances at ATB Financial. “This step not only opens the door to traditional means of entering decentralized funding through Bitcoin, but also paves the way for major institutional acceptance.”
Vaulta plans to maintain her technical infrastructure from the EOS network, including its smart contract architecture, decentralized database and inter-blockchain connection. The platform is integrated with EXSAT, a Bitcoin-focused digital banking solution, as part of its Web3 Banking Initiative.
The project according to the release is set to utilize various partnerships to expand its web3 banking system, including with Ceffu, Spirit Blockchain and Blockchain Insurance. The company is expected to advertise additional strategic partnerships in the coming months.
“This transformation represents more than just a name change; it is a crucial step forward in our mission to provide open, available financial access to everyone. Vaulta is the product of years of planning, strategic development and thought -provoking designs culminating with a holistic web3 banking,” said Yves La Rose, founder and CEO of the Vaulta Foundation.
The team described Vaulta’s approach to web3 banking business as tummetrated, offering blockchain-based services tailored to banks and neobanks, and offers a wider financial ecosystem with Exsste Bitcoin-Ban-Ban Closures, Blockchain Insurance, Tokenized Activates in the Real World and More.
Its network has maintained uninterrupted operation for almost seven years and emphasizes stability as a key factor in its approach, he added. Progress at the network’s speed, security and interoperability means that the network is “now placed for mainstream -admission.”
Rebrand comes as a legislative framework for digital assets, including the European Union’s markets in Crypto-Assets (MICA), becomes more defined. La Rose said these developments make it the “real moment” to customize Vaulta’s brand with his focus on web3 banking.
