EOS Network, known for its scalable blockchain infrastructure, is the brand change in Vaulta while it pivots web3 banking services. The transition is delivered with an exchange of tokens which is temporarily scheduled for the end of May.
It is also delivered with the launch of Vaulta Banking Advisory Council, a group of financial experts and blockchain focused on filling the gap between traditional banks and decentralized systems. Members include executives from Systemic Trust, Tetra and ATB Financial, according to a press release shared with Coindesk.
“Vaulta’s strategic realignment to Web3 Banking is an important development for industry,” said Alexander Nelson, principal digital finance director at ATB Financial. “This decision not only opens the door of traditional funds to enter into decentralized finance by Bitcoin, but also opens the way to greater institutional acceptance.”
Vaulta plans to maintain its technical infrastructure from the EOS network, including its intelligent contract architecture, its decentralized database and its inter-blockchain connectivity. The platform will be integrated into Exsat, a digital banking solution focused on Bitcoin, as part of its web3 banking initiative.
The project, according to the press release, should take advantage of various partnerships to extend its web3 banking ecosystem, including with Ceffu, Spirit Blockchain and Blockchain Insurance. The company should announce other strategic partnerships in the coming months.
“This transformation represents more than a simple name change; This is a decisive front step in our mission to issue open financial access accessible to everyone. Vaulta is the product of years of planning, strategic development and thoughtful design, culminating in a Holistic Web3 banking approach, “said Yves La Rose, founder and CEO of Vaulta Foundation.
The team has described Vaulta’s approach to web3 banks and two -parts, offering blockchain -based services suitable for banks and neobancs, and offering a wider financial ecosystem with Bitcoin banking solutions from Exsat, blockchain insurance, real assets to Tokenized, and more.
Its network has maintained uninterrupted operations for almost seven years, focusing on stability as a key factor in its approach, he added. The progress of the speed, security and interoperability of the network means that the network is “now positioned for traditional adoption”.
The brand change is as regulatory managers for digital assets, including European Union markets in crypto-active (Mica), are more defined. The rose said that these developments made it the “good time” to align the Vaulta brand on its accent on the web3 bank.
