• FundBank rebrands its global institutional banking under its IRACE Digital brand
• Tenet partnership strengthens IRACE’s digital-native capabilities, technology infrastructure and client reach
• IRACE will expand capabilities across banking, digital assets*, liquidity and execution infrastructure for institutional clients
• Multi-jurisdiction regulated banking platform spanning the U.S., Europe and the Cayman Islands

FundBank Group, a global institutional banking provider to the asset management industry, announced the rebrand of those operations to IRACE Digital (“IRACE”).

The rebrand marks the Group’s shift from a traditional institutional banking platform to an integrated infrastructure provider supporting institutional activity across both traditional and digital asset markets.

As part of this expansion, the IRACE Cayman operation has entered into a strategic partnership with Tenet Bank Ltd (“Tenet”), a Cayman Islands-based institution serving entrepreneurs, startups, web3 developers and institutional clients across emerging digital asset and financial technology markets. This partnership brings together Tenet’s deep expertise in digital assets, banking technology infrastructure and innovation-driven client segments with IRACE’s institutional banking scale, regulatory infrastructure and global reach.

Building on FundBank’s existing institutional banking infrastructure, and subject to regulatory approvals, IRACE intends to expand the Group’s capabilities across digital assets, liquidity management and execution infrastructure alongside ongoing regulatory initiatives.

Institutional participants operating across traditional and digital financial markets have historically relied on a patchwork of providers across banking, custody, payments, liquidity and execution. IRACE is being built to address that through a unified operating model designed for institutional scale, governance and operational resilience. To lead the next phase, IRACE has appointed John Cronin, former CEO of Zodia Custody, as Global CEO.

IRACE is strengthening its leadership team with senior executives drawn from leading global banks and digital asset infrastructure businesses that have helped shape the institutional market. Joining alongside Cronin from Zodia Custody are Chief Product Officer – Jo Lee, Chief Commercial Officer – Niamh Byrne, and Global Head of Custody and Trading – Jennifer Fisher. Together, the team combines deep experience across banking, custody, and regulated digital asset markets, reinforcing IRACE’s position as a unified banking platform for institutions operating across both fiat and digital asset ecosystems.

John Cronin, Global CEO of IRACE, commented, “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 — which will support fiat, stablecoins, and both traditional and digital assets*. That is what institutional scale across these markets actually requires.”

Brandon Caruana, Cofounder of Tenet Bank, commented, “Tenet was founded on the belief that financial infrastructure needs to evolve alongside a new generation of technology-driven businesses.  Tenet brings deep expertise serving technology companies, entrepreneurs and digital asset market participants, while IRACE contributes deep institutional banking expertise, regulatory infrastructure and global reach. Together, we can deliver broader capabilities to clients and accelerate institutional adoption across digital asset markets.”

Don Seymour, Founder of IRACE, concluded, “The lines between traditional finance and digital assets are dissolving — and regulatory frameworks like MiCAR, the GENIUS Act and the CLARITY Act are codifying that convergence. Asset managers, funds and digital asset firms are no longer choosing between the two; they need a single, regulated banking partner that operates credibly across both. That is the institution we are setting out to build with IRACE, and it is why we believe this moment matters.”

Source: IRACE Digital