FundBank Rebrands as IRACE Digital, Unifies Institutional Services

FundBank Group announced it has rebranded as IRACE Digital and will develop a unified institutional banking platform to serve traditional and digital asset markets. The rebrand accompanies a shift from a conventional institutional banking provider to an integrated infrastructure firm.

IRACE said the platform will integrate banking, custody, payments, liquidity and execution services for institutional clients, subject to regulatory approvals. The group plans a single governance framework and controls designed to support fiat currencies, stablecoins and tokenised assets at institutional scale.

IRACE’s Cayman unit has entered a strategic partnership with Tenet Bank Ltd, a Cayman Islands-based bank that serves entrepreneurs, startups, web3 developers and institutional clients in emerging digital asset and fintech markets. The company said the partnership pairs IRACE’s regulatory infrastructure and global reach with Tenet’s banking technology experience.

John Cronin, appointed Global CEO, was previously CEO of Zodia Custody. He said IRACE aims to replace a fragmented set of providers with a single platform that consolidates core services for institutions operating across fiat and digital markets.

Several senior hires have joined from Zodia Custody and other digital asset businesses. Jo Lee was named chief product officer, Niamh Byrne chief commercial officer and Jennifer Fisher global head of custody and trading. IRACE described the leadership team as bringing banking, custody and regulated digital asset experience to the platform.

Brandon Caruana, cofounder of Tenet Bank, commented that Tenet’s focus on technology companies and digital-asset clients complements IRACE’s institutional banking infrastructure. Don Seymour, founder of IRACE, pointed to recent regulatory proposals such as MiCAR and U.S. bills referenced by the company as part of the context for a combined banking and digital-asset offering.

Institutional participants historically have used multiple specialised providers for bank accounts, custody, payments and trading infrastructure. IRACE said the new platform intends to consolidate those services into a single, regulated offering designed for institutional governance and operational resilience.