PANews reported on March 19 that according to The Block, the public chain EOS will be renamed Vaulta and transformed into a "web3 bank." If the proposal is approved, EOS tokens will be exchanged for new vaulta tokens starting in May.

Vaulta will be built around the blockchain's existing EOSIO software and integrated with exSat, a so-called "docking layer" that brings smart contracts to Bitcoin. The cross-chain system will have 1-second transaction finality and support C++ and EVM-compatible smart contracts. Vaulta's "web3 banking operating system" will provide a suite of institutional-grade financial services through partner projects including Ceffu, Spirit Blockchain, and Blockchain Insurance. The Vaulta Bank Advisory Board is composed of financial and blockchain industry experts, and members will come from Systemic Trust, Tetra, and ATB Financial.