Eos Network, known for its scalable blockchain infrastructure, changes the name of vaults while turning towards the web bench. The transition comes with a Swap Token that is provisionally scheduled by the end of May.
It also comes with the launch of the Banking Advisory Council, a group of experts in the financial and blockchain industry focused on closing the gap between traditional and decentralized banking systems. Members include Systemic Trust, Tetra and ATB Financial executives, according to a press release shared with Coindesk.
“Strategic Vaultic Realineration towards Web 3 Banking is a significant development for the industry,” said Alexander Nelson, senior director of digital finance in ATB Financial. “This movement not only opens the door for traditional funds to enter decentralized finances through Bitcoin, but also pave the way for greater institutional acceptance.”
Vaulta plans to maintain its technical infrastructure of the EOS network, including its intelligent contract architecture, decentralized database and connectivity between blockchain. The platform will be integrated with Exsat, a Bitcoin digital banking solution, as part of its web 3 bank initiative.
The project, according to the launch, is ready to take advantage of several associations to expand its web3 bank ecosystem, even with CEFFU, Spirit Blockchain and Blockchain Insurance. The company is expected to announce more strategic associations in the coming months.
“This transformation represents more than a simple name change;
The team described the vaulting approach to web banking as two points, offering blockchain -based services adapted for banks and neobanks, and offering a broader financial ecosystem with the Bitcoin bank solutions of Exsat, Blockchain insurance, the active of the real world tokenized and more.
Its network has maintained an uninterrupted operation for almost seven years, emphasizing stability as a key factor in its approach, he added. Advances in the speed, safety and interoperability of the network mean that the network is “now positioned for conventional adoption.”
Brand change occurs as regulatory frameworks for digital assets, including European Union markets in Crypto-Assets (MICA), define more. The Rose said that these developments make it the “appropriate moment” to align the vaulty brand with its focus on web banks.
