CoinDesk
FundBank Group has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank, the company said Monday, marking its formal push into digital asset custody, liquidity and execution on top of its existing institutional banking book. Financial terms of the Tenet deal were not disclosed.
The acquisition brings Tenet's client base of entrepreneurs, startups, Web3 developers and institutional users into IRACE, while the combined group plans to expand beyond traditional banking into custody, liquidity management and trading infrastructure for digital assets. IRACE said the move responds to a common pain point: institutional clients currently rely on separate providers for banking, custody, payments and trading, creating operational and reporting fragmentation.
Why it matters
The launch joins a broader industry shift toward consolidating fiat and digital-asset rails under a single regulated platform. In April, SoFi unveiled Big Business Banking, a service that lets corporates manage fiat banking and crypto operations through one regulated bank and has already signed CoinDesk parent Bullish, BitGo, Cumberland and Wintermute. IRACE is now positioning itself in the same lane, betting that the next wave of institutional demand is for unified infrastructure rather than best-of-breed point solutions.
IRACE has also stacked its senior bench with former Zodia Custody executives. John Cronin, the former Zodia CEO, is now global CEO of IRACE, and several other former Zodia leaders, including Jo Lee, Niamh Byrne and Jennifer Fisher, have joined in senior roles. Cronin framed the bet in the release, saying institutions are "forced to stitch together banking, custody, payments, liquidity and execution across multiple providers," and that IRACE is "being built to unify that stack into a single institutional platform."
Market impact
IRACE already operates regulated banking businesses across the U.S., Europe and the Cayman Islands, and said it is pursuing additional regulatory approvals tied to digital asset services in multiple jurisdictions.
Frequently asked questions
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What is IRACE Digital?
IRACE Digital is the new name for FundBank Group, an institutional banking provider that has rebranded and acquired Cayman Islands-based Tenet Bank to expand into digital asset custody, liquidity and execution services.
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Who is leading IRACE Digital?
Former Zodia Custody CEO John Cronin has been appointed global CEO. Several other former Zodia executives, including Jo Lee, Niamh Byrne and Jennifer Fisher, have also joined in senior leadership roles.
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What is Tenet Bank and what does the acquisition add?
Tenet Bank is a Cayman Islands-based bank serving entrepreneurs, startups, Web3 developers and institutional clients. Its acquisition brings those clients and a Cayman-regulated banking license into the IRACE group. Financial terms were not disclosed.
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Why are institutions moving to unified fiat-and-crypto platforms?
IRACE says clients currently rely on separate providers for banking, custody, payments and trading, creating operational and reporting fragmentation. SoFi made the same bet in April with Big Business Banking, which has already signed Bullish, BitGo, Cumberland and Wintermute.
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Where does IRACE operate and what comes next?
IRACE operates regulated banking businesses across the U.S., Europe and the Cayman Islands, and said it is pursuing additional digital-asset-related regulatory approvals in multiple jurisdictions. Watch those approvals, and any incumbent counter-M&A, as the read on how fast the unified-stack model is consolidating.
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