🚨 EOS Network’s Secret Life as a Banker 🤑

EOS Network rebrands to Vaulta in shift to Web3 banking

Well, it looks like the EOS Network has finally figured out what it’s good for: being a bank. Because, you know, the world was just missing a blockchain-based banking system. 🤔

The switch to Vaulta is tentatively scheduled for the end of May, because who needs a clear plan when you’re trying to pivot to a new direction? 🤷‍♂️ The company said in a statement that the network’s EOS (EOS) token will transition to the Vaulta Token, which will be available on the nearly 140 exchanges where EOS trades and through a swap portal available in May. Because, you know, people love swapping tokens. 🤑

Vaulta will also inherit EOS Network’s underlying infrastructure, including integration with the Bitcoin digital banking solution, exSat, which complements Vaulta’s BankingOS system, offering a suite of financial services through partnerships with Ceffu, Spirit Blockchain and Blockchain Insurance Inc. Because, you know, who needs originality when you can just copy and paste? 🤣

EOS Network’s rebranding to Vaulta marks a significant course correction for the blockchain, which launched to great fanfare in June 2018 off the back of a year-long and largest-ever $4.1 billion ICO run by the company behind the network, Block.one. But, you know, that didn’t work out so well. 🤦‍♂️

Following its launch, EOS was a top 10 project by market cap for several years. But its value has been in steady decline and is now just inside the top 100, sitting at 95, according to CoinGecko. Because, you know, who needs a good reputation when you can have a fancy rebrand? 🤑

There’s a range of opinions about where EOS went wrong. Some who volunteered to assist in developing the network say there was a lack of support and direction from Block.one. But, you know, that’s just a bunch of sour grapes. 😒

Block.one made a $24 million settlement with the Securities and Exchange Commission in September 2019, and some commentators argued that the firm’s focus then shifted from EOS’ base tech to other projects — like the social app-turned-NFT marketplace Voice and the crypto exchange Bullish. Because, you know, who needs a good reputation when you can have a fancy new project? 🤣

Goodblock CEO Douglas Horn believes EOS investors were misled from the start, telling CryptoMoon Magazine in 2023 that “Block.one did a deceitful ICO, whether that was planned from the beginning or not.” But, you know, that’s just a conspiracy theory. 🤑

2025-03-19 05:38

🚨 EOS Network’s Secret Life as a Banker 🤑

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