The institutional banking firm is venturing into digital asset custody, liquidity, and trading services under the leadership of former Zodia Custody CEO John Cronin.
By Will Canny|Edited by Nikhilesh De Jun 29, 2026, 11:30 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on John Cronin and the IRACE team. (IRACE)SummaryShow- FundBank has transformed into IRACE Digital and acquired Tenet Bank based in the Cayman Islands.
- This acquisition enhances IRACE's portfolio with digital asset banking and fintech clients.
- John Cronin, previously CEO of Zodia Custody, has been appointed as global CEO, leading the expansion into custody, liquidity, and trading infrastructure.
*** NOT FOR PUBLICATION - EMBARGOED TILL 7.30AM ET JUNE 29 ***
FundBank Group, an institutional banking provider catering to asset managers and funds, has officially rebranded itself as IRACE Digital and has completed the acquisition of Tenet Bank, a financial institution located in the Cayman Islands. This strategic move is part of their initiative to enhance their digital asset services, according to a press release issued on Monday.
The acquisition of Tenet, which focuses on serving entrepreneurs, startups, Web3 developers, and institutional clients, will allow IRACE to diversify its offerings. The newly formed entity plans to broaden its scope beyond conventional banking, introducing services in digital asset custody, liquidity management, and execution.
The financial specifics of the Tenet acquisition have not been made public.
This transition aligns with a growing trend among financial institutions that are seeking integrated solutions that encompass both traditional and digital assets within a single framework. IRACE noted that many institutional clients currently depend on various providers for banking, custody, payments, and trading, which complicates their operations.
IRACE is not the only company recognizing the demand for streamlined services. In April, SoFi launched Big Business Banking, a platform designed for businesses to manage both fiat banking and crypto operations through one regulated bank. This platform has attracted significant digital asset firms, including Bullish (BLSH), BitGo (BTGO), Cumberland, and Wintermute, indicating a broader industry trend towards unifying traditional banking, payments, and digital asset services.
With the rebranding, IRACE has appointed John Cronin, the former CEO of Zodia Custody, as its global CEO. Other former executives from Zodia, including Jo Lee, Niamh Byrne, and Jennifer Fisher, have also joined IRACE in key leadership positions.
“Today’s institutional clients are compelled to piece together banking, custody, payments, liquidity, and execution across different providers, each with distinct controls and operational risks,” Cronin stated in the release.
“IRACE is being developed to consolidate these services into a unified institutional platform—one operational model, one governance structure, and a single set of controls to accommodate fiat, stablecoins, and both traditional and digital assets. This integration is essential for achieving institutional scale across these markets,” he emphasized.
IRACE maintains regulated banking operations across the U.S., Europe, and the Cayman Islands, and is actively seeking additional regulatory approvals for its digital asset services across various jurisdictions.
Read more: The institutional edge: moomoo targets Wall Street-grade trading tools for retail crypto investors
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