EOS value surges 25% following Vaulta's rebranding announcement

The value of EOS increased by 25% after the announcement of its rebrand to Vaulta and a move towards web3 banking.

EOS (EOS) went up by 25% to $0.61 following the network's announcement to rebrand as Vaulta with the aim to "achieve the vision of web3 banking." According to a press release on Tuesday, March 18, the transition, which will include a token swap, is expected to occur by the end of May, although the timeline is still subject to change.

Yves La Rose, founder and CEO of the Vaulta Foundation, asserts that the shift symbolizes "more than just a name change," noting that Vaulta is the "outcome of years of planning, strategic development, and thoughtful design."

The rebrand comes after an extended period of weak price performance for EOS, which has had difficulty recovering not only from its all-time high in 2018 but also from its 2021 levels, which were over 30% lower than its peak. The transition is described as part of a larger initiative to merge blockchain with conventional financial services.

As stated in the announcement, Vaulta will serve as an operating system for web3 banking, aiming to deliver scalable and decentralized financial services. Additionally, the network will establish the Vaulta Banking Advisory Council, a group of banking experts tasked with assisting in the integration of traditional finance with blockchain.

Meanwhile, blockchain security firm SlowMist issued a warning about address poisoning attacks on wallets holding EOS. According to the firm, malicious actors are sending out 0.001 EOS to users to entice them into unknowingly interacting with fraudulent addresses. These attackers generate wallet addresses that closely resemble legitimate ones, hoping users will accidentally copy and paste the incorrect address when making transactions.

As part of the rebranding strategy, Vaulta will incorporate exSat, a Bitcoin digital banking solution, noting that exSat's services will "supplement Vaulta's BankingOS," making BTC a significant component of its financial model. Further information, including the new token ticker and additional partnerships, is anticipated to be announced in the coming months.