FundBank Rebrands as IRACE Digital to Bridge Traditional Finance, Crypto
FundBank Group, a name long known among asset managers and funds for traditional institutional banking, has officially shed its old identity. The company announced Monday that it has rebranded as IRACE Digital and simultaneously acquired Tenet Bank, a Cayman Islands-based institution serving Web3 developers, startups, and institutional clients.
The rebrand isn’t just cosmetic. IRACE Digital says the move signals a serious expansion beyond conventional banking into digital asset custody, liquidity management, and execution services, areas where institutions have historically had to juggle multiple providers just to get the job done. Terms of the Tenet deal were not disclosed.
Leading this new chapter is John Cronin, former CEO of Zodia Custody Ireland, one of Zodia Custody’s eight global subsidiaries, who steps in as IRACE Digital’s global chief executive. In his previous role, Cronin reported to Zodia Custody’s Chief Revenue Officer and Head of Global Markets. He departed the position after Zodia Custody Europe, based in Luxembourg, secured its Markets in Crypto-Assets (MiCA) license.
Several former Zodia leaders, including Jo Lee, Niamh Byrne, and Jennifer Fisher, have also joined IRACE Digital’s senior leadership team, bringing digital asset experience to the business.
Cronin didn’t hold back on the vision behind the rebrand. He noted that institutional clients are typically forced to stitch together banking, custody, payments, liquidity, and execution across separate providers, each with its own controls and operational risks. IRACE Digital, he says, is being built to unify all of that into a single platform with one governance framework supporting fiat, stablecoins, and both traditional and digital assets.
This isn’t happening in a vacuum. The crypto-meets-TradFi consolidation trend has been picking up steam, with SoFi launching its own integrated Big Business Banking platform back in April, already onboarding heavyweights like Bullish, BitGo, Cumberland, and Wintermute. It’s a clear signal that institutions are tired of operational complexity and want fewer providers doing more.
IRACE currently runs regulated banking operations across the U.S., Europe, and the Cayman Islands, and the company says it’s actively pursuing further regulatory approvals tied to digital asset services in additional jurisdictions. With the Tenet acquisition now folded in, IRACE Digital looks set to position itself as a serious contender in the race to become the go-to bridge between traditional finance and the crypto economy.
