Key facts
- FundBank Group has rebranded as IRACE Digital.
- IRACE Digital has acquired Tenet Bank.
- Tenet Bank is based in the Cayman Islands.
- The acquisition aims to integrate traditional banking with digital asset custody, liquidity, and trading.
- John Cronin, former CEO of Zodia Custody, is leading the integration.
- The move signifies a push into the digital asset space.
FundBank Group has announced a significant rebranding to IRACE Digital, concurrently acquiring Tenet Bank. Tenet Bank is an institution based in the Cayman Islands. The primary objective behind this acquisition and rebranding is to create a unified platform that integrates traditional banking services with the burgeoning digital asset ecosystem. This includes offerings in digital asset custody, liquidity provision, and trading infrastructure. The initiative is under the leadership of John Cronin, who previously served as the CEO of Zodia Custody. This strategic maneuver positions IRACE Digital to cater to a growing demand for seamless interaction between conventional finance and digital assets.