Overview
- IRACE, which rebranded Monday, folded FundBank’s global institutional banking operations into the new name and announced a strategic tie with Tenet Bank in the Cayman Islands to extend its digital-native client reach.
- The firm named John Cronin, former Zodia Custody CEO, as global CEO and filled senior roles with other ex-Zodia executives to lead custody, liquidity and trading expansions.
- IRACE has lined up technology and service partners, including a Temenos core-banking integration and a Komainu collaboration for fiat on/off-ramping, and it invested about €10 million in Irish blockchain firm Trrue to accelerate capabilities.
- The company stresses that expanded digital-asset offerings require regulatory approvals and continues to operate under a multi-jurisdiction regulated model that includes a U.S. OCC charter and recent Irish branch authorization.
- If approved, IRACE aims to simplify how asset managers and funds run banking, custody, payments and execution by replacing patchwork providers with one regulated operator, but rollout timing and scope will hinge on supervision, capital rules and cross-border compliance.