EOS Network has announced its rebranding and name change to Vaulta, as part of its strategic shift towards Web3 banking. This involves the creation of a new token and the establishment of an advisory council to support the new direction.
EOS Token Transitions to Vaulta Token
On March 18, the company announced the upcoming transition of the EOS token to the new Vaulta Token. The technical details and ticker for the new token will be unveiled at a later date, but it will be available on the 140 exchanges where EOS is currently traded. Investors will be able to swap their EOS tokens for the Vaulta Token through a portal available in May.
Market Reaction to Rebranding Announcement
After its launch, EOS rapidly became a top 10 project, but its price has gradually declined since then, causing it to fall in the rankings. CoinMarketCap data shows that EOS is currently ranked as the 68th cryptocurrency by market cap, valued at over $948.85 million. However, following the rebranding announcement, EOS surged over 24% in the last 24 hours, trading at $0.6109 at 8:30 a.m. EST.
EOS History and New Horizons
Since its inception, the project has faced challenges such as a lack of support and direction, according to some contributors. However, with the transition to Vaulta, the company aims to usher in a new era of financial technology with a focus on Web3 banking. The existing EOS blockchain infrastructure will be utilized in the new project.
With the rebranding to Vaulta, EOS Network seeks to fortify its position in the rapidly growing Web3 banking ecosystem, offering new opportunities and innovations built on its existing infrastructure.
