FundBank Rebrands as IRACE Digital, Acquires Tenet Bank to Bridge TradFi and Crypto
FundBank Group, an institutional banking provider, has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank. The move marks a strategic expansion into digital asset services including custody, liquidity management, and execution. Former Zodia Custody Ireland CEO John Cronin has been appointed global CEO, along with several ex-Zodia executives joining senior roles. The acquisition brings Tenet's fintech and Web3 clients into the group, aiming to reduce operational complexity for institutions currently relying on multiple providers for banking, custody, payments, and trading. IRACE plans to offer a unified platform supporting fiat, stablecoins, and both traditional and digital assets under a single operating model and governance framework. The firm operates regulated banking businesses in the US, Europe, and Cayman Islands, and is pursuing additional digital asset regulatory approvals globally. This trend mirrors competitors like SoFi's Big Business Banking, signaling a broader industry move toward integrated infrastructure for traditional and digital finance.
Key facts
- FundBank rebrands as IRACE Digital and acquires Tenet Bank.
- Expands into digital asset custody, liquidity, and execution services.
- Former Zodia Custody Ireland CEO John Cronin named global CEO.
- Integrated platform aims to reduce operational complexity for institutions.
- IRACE pursues additional regulatory approvals for digital asset services.