#vaulta From the background of these BIC members, these institutions are not actually traditional banks, but are mainly asset custodians. And it has a strong territoriality, all from Alberta, Canada. ATB Financial is the largest financial institution in Alberta, founded in 1938, with assets of $65.5 billion and serving more than 830,000 customers. Others are digital asset custodians created within a few years, and the exact size of assets under management is not yet disclosed.

However, in general, although the cooperative financial institution holds a Canadian compliance license, there is still a question mark over whether its regional attributes match Vaulta's vision of a global Web3 bank.

The upgrade called EOS is actually a wedding dress for exSatIn the new announcement, Vaulta mentions four business areas as core pillars. They are wealth management, consumer payment, securities investment, and insurance. Among these four businesses, the focus can be on the exSat business launched to institutions in wealth management. exSat is a Bitcoin scalability project launched by the EOS ecosystem in 2024, as a "Docking Layer" to connect the Bitcoin main chain with Layer 2 scaling solution, using EOS RAM to store and process Bitcoin data, enhancing Bitcoin's performance and interoperability. Its main role is to enable faster and low-cost Bitcoin transactions and provide space for the Bitcoin ecosystem to carry out DeFi business.

The project appears to have achieved more influence than EOS itself, with 5,413 BTC staked on exSat as of March 20, and TVL has reached $587 million, far exceeding the $174 million on the EOS mainnet. Therefore, it is not difficult to see why the focus is basically around exSat rather than EOS in the brand upgrade plan. In fact, exSat has an independent consensus mechanism (POS+POW+DPOS three consensus combinations), and there are currently 39 validators, among which we can see some well-known cryptographic institutions involved, such as Certik, Hashkey, Bitget, F2pool, OKX, Matrixpt, Tron, etc. #writetoearn