FundBank rebrands as IRACE Digital, acquires Tenet Bank

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.