IRACE Digital emerges as a new player in digital asset services following the acquisition of Tenet Bank.
FundBank Group has officially transitioned to IRACE Digital, marking a significant shift in its strategic focus towards the integration of traditional finance and cryptocurrency. This change is accompanied by the acquisition of Tenet Bank, a Cayman Islands-based institution, aimed at expanding IRACE's service offerings in digital asset custody, liquidity, and trading.
The acquisition allows IRACE to diversify its portfolio by catering to a growing client base that includes entrepreneurs, startups, and institutional clients within the digital asset space. While the financial terms of the Tenet acquisition remain undisclosed, this move is seen as a response to the increasing demand for comprehensive banking solutions that bridge conventional and digital finance.
John Cronin, the former CEO of Zodia Custody, has been appointed as the global CEO of IRACE Digital. He emphasized the need for a unified platform that consolidates banking, custody, payments, and trading services to address the complexities faced by institutional clients who currently rely on multiple providers. "IRACE aims to create a single operational model that can manage fiat and digital assets efficiently," he stated.
