FundBank becomes IRACE Digital in bid to bridge traditional finance and crypto
Key takeaways
- The transaction brings Tenet, which serves entrepreneurs, startups, Web3 developers and institutional clients, into the IRACE group.
- Financial details of the Tenet acquisition were not disclosed.
- The move comes as a growing number of financial institutions seek infrastructure that can support both traditional and digital assets under a single platform.
The deal adds digital asset banking and fintech-focused clients to IRACE's existing institutional banking business Former Zodia Custody CEO John Cronin has been appointed global CEO as the firm expands into custody, liquidity and trading infrastructure.*** NOT FOR PUBLICATION - EMBARGOED TILL 7.30AM ET JUNE 29 ***FundBank Group, an institutional banking provider focused on asset managers and funds, has rebranded as IRACE Digital and acquired Cayman Islands-based Tenet Bank as part of a broader push into digital asset services, the company said in a press release Monday.
The transaction brings Tenet, which serves entrepreneurs, startups, Web3 developers and institutional clients, into the IRACE group. The combined company said it plans to expand beyond traditional banking into digital asset custody, liquidity management and execution services.
Financial details of the Tenet acquisition were not disclosed.