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FundBank Group rebrands as IRACE Digital and acquires Tenet Bank
FundBank Group has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank. Former Zodia Custody CEO John Cronin was appointed global CEO as the firm expands into digital asset custody and related services.
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FundBank Group rebranded as IRACE Digital on June 29 and acquired Cayman Islands-based Tenet Bank. The transaction adds Tenet’s client base of entrepreneurs, startups, Web3 developers and institutional clients to IRACE’s existing institutional banking operations. John Cronin, previously CEO of Zodia Custody, was named global CEO.
Jo Lee, Niamh Byrne and Jennifer Fisher, all former Zodia executives, joined IRACE in senior leadership roles. “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,” Cronin said. , Europe and the Cayman Islands.
IRACE Digital, which still needs further digital-asset licenses in several jurisdictions, rebranded and acquired Tenet Bank. Financial terms of the Tenet acquisition were not disclosed.
Transparency
How sources framed this
Traditional finance integrationCrypto infrastructure push
TradFi bridgeCrypto expansion
CorroborationModerate · 2 sources
