FundBank rebrands as IRACE, buys Cayman-based Tenet to expand digital asset services
IRACE is not alone in betting that institutions want fewer providers and more integrated infrastructure. In April, SoFi unveiled Big Business Banking, a platform that lets companies manage fiat banking and crypto-related operations through a single regulated bank. The service signed up major digital asset firms including CoinDesk’s parent company Bullish (BLSH), BitGo (BTGO), Cumberland and Wintermute, highlighting a broader industry move toward combining traditional banking, payments and digital asset services under one roof.
As part of the rebrand, IRACE appointed former Zodia Custody CEO John Cronin as global CEO. Several other former Zodia executives, including Jo Lee, Niamh Byrne and Jennifer Fisher, have also joined the company in senior leadership roles.
“Institutional clients today are forced to stitch together banking, custody, payments, liquidity and execution across multiple providers, each with its own controls, reporting and operational risk,” Cronin said in the release.
“IRACE is being built to unify that stack into a single institutional platform — one operating model, one governance framework, one set of controls — supporting fiat, stablecoins, and both traditional and digital assets. That is what institutional scale across these markets actually requires,” he added.
IRACE operates regulated banking businesses across the U.S., Europe and the Cayman Islands. The company said it is pursuing additional regulatory approvals related to digital asset services in multiple jurisdictions.
