FundBank Rebrands as IRACE Digital, Expands Into Digital Asset Services

FundBank Group has officially rebranded as IRACE Digital, aiming to expand its services into the realm of digital assets. The firm has also acquired Tenet Bank, a Cayman Islands-based institution, which will help integrate digital asset banking and cater to a wider array of clients, including entrepreneurs, startups, and institutional clients.

As part of this rebranding initiative, IRACE Digital seeks to streamline services for institutional clients who often juggle multiple providers for banking, custody, and trading operations. The firm plans to offer a unified platform that encompasses custody, liquidity management, and trading execution, responding to a growing demand for integrated digital asset infrastructure.

John Cronin, who formerly served as the CEO of Zodia Custody, has been appointed as the global CEO of IRACE Digital. Notable executives from Zodia, including Jo Lee, Niamh Byrne, and Jennifer Fisher, have also joined the senior leadership team. Cronin stated, "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. 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."

IRACE Digital operates regulated banking businesses across the United States, Europe, and the Cayman Islands, and is actively seeking additional regulatory approvals to advance its digital asset services across several jurisdictions. This push aligns with a broader trend in the financial industry where institutions increasingly prefer to manage both traditional and digital assets under one roof.

As IRACE Digital progresses, market participants will be watching how effectively the platform integrates these various services and what new regulatory responses may arise from its expanded focus on digital assets.