FundBank rebrands to IRACE Digital, partnering with Tenet Bank to offer unified institutional banking for fiat, stablecoins, and digital assets as regulation converges.
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FundBank, an institutional banking provider for asset managers, rebranded Monday to IRACE Digital and said it is shifting its focus to the digital asset space. The company also announced a partnership with Tenet Bank, a Cayman Islands-based lender with a fintech and digital-asset background.
“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,” IRACE CEO John Cronin said in a press release. “IRACE is being built to unify that stack into a single institutional platform–one operating model, one governance framework, one set of controls–which will support fiat, stablecoins, and both traditional and digital assets. That is what institutional scale across these markets actually requires.”
IRACE founder Don Seymour described the shift as a response to regulation catching up with technology. “The lines between traditional finance and digital assets are dissolving –and regulatory frameworks like MiCAR, the GENIUS Act and the CLARITY Act are codifying that convergence,” he said. “Asset managers, funds and digital asset firms are no longer choosing between the two; they need a single, regulated banking partner that operates credibly across both.”
The rebrand comes as blockchain finance moves from the edges of the system into its core. A separate report from PYMNTS on Tuesday noted that banks, asset managers, exchanges, payment providers and regulators are treating blockchain as a faster way to package and settle the products they already offer. Crypto-native firms are chasing the same commercial outcomes, the report said, pointing to ICE, Franklin Templeton, MoneyGram, MoonPay and Anchorage Digital as examples of the blurring line between a bank product, a capital markets product and a blockchain product.
The same report raised a regulatory puzzle: if a money market fund, a payment account or a custody service can run on blockchain infrastructure, what exactly should be regulated – the institution, the product, the technology, or all three?
IRACE said it plans to build on FundBank’s existing institutional banking infrastructure while expanding into digital-asset custody, liquidity management and execution infrastructure. The company also cited “ongoing regulatory initiatives” without providing specifics. The partnership with Tenet Bank gives IRACE access to a licensed lender already active in fintech and digital assets, a structure that Seymour’s comments suggest is meant to bridge regulated banking with blockchain-native services.
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