Key facts
- FundBank Group has rebranded as IRACE Digital.
- IRACE Digital acquired Cayman Islands-based Tenet Bank.
- The combined entity aims to offer integrated banking, custody, liquidity, and trading services for both traditional and digital assets.
- John Cronin, former CEO of Zodia Custody, has been appointed global CEO of IRACE Digital.
- IRACE operates regulated banking businesses in the U.S., Europe, and the Cayman Islands.
FundBank Group, an institutional banking provider catering to asset managers and funds, has undergone a significant rebranding to IRACE Digital. This strategic shift includes the acquisition of Tenet Bank, an institution based in the Cayman Islands. The company announced its intention to expand its services beyond traditional banking to encompass digital asset custody, liquidity management, and execution services.
John Cronin, formerly the CEO of Zodia Custody, has been appointed as the global CEO of IRACE Digital. He is joined by several other former Zodia executives, signaling a strong focus on digital asset infrastructure. Cronin highlighted the current market's fragmentation, where institutional clients often manage banking, custody, payments, and trading through separate providers, leading to operational complexities and risks. IRACE aims to unify these functions into a single platform supporting both fiat and digital assets.
The acquisition of Tenet Bank, which serves entrepreneurs, startups, Web3 developers, and institutional clients, integrates these customer segments into the IRACE group. Financial terms of the acquisition were not disclosed. This move aligns with a broader industry trend where financial institutions are seeking integrated platforms that can manage both traditional and digital assets. Competitors like SoFi have also launched similar integrated platforms for businesses.
IRACE Digital currently operates regulated banking businesses in the U.S., Europe, and the Cayman Islands and is actively seeking additional regulatory approvals for its digital asset services across various jurisdictions.