FundBank rebrands as IRACE, buys Cayman-based Tenet to expand digital asset services

FundBank Group, an institutional banking provider focused on asset managers and funds, has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank as part of a broader push into digital asset services, the company said in a press release Monday.

The transaction brings Tenet, which serves entrepreneurs, startups, Web3 developers and institutional clients, into the IRACE group. The combined company said it plans to expand beyond traditional banking into digital asset custody, liquidity management and execution services.

Financial details of the Tenet acquisition were not disclosed.

The move comes as a growing number of financial institutions seek infrastructure that can support both traditional and digital assets under a single platform. IRACE said institutional clients often rely on separate providers for banking, custody, payments and trading, creating operational complexity.

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 Ireland 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.

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