The rebrand comes as the company shifts its focus to the digital asset space, according to a Monday (June 29) press release. With the shift also comes IRACE’s 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 the 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.”
The company hopes to build on FundBank’s institutional banking infrastructure as it expands its capabilities across digital assets, liquidity management and execution infrastructure as well as “ongoing regulatory initiatives,” the release said.
IRACE Founder Don Seymour said in the release: “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. 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 is happening as the biggest developments in blockchain finance have moved from the edges of the financial system to its core.
Banks, asset managers, exchanges, payment providers and regulators are no longer thinking about blockchain as a parallel financial system, PYMNTS reported Tuesday (June 23). Instead, they’re treating it as a faster, more efficient way of packaging, distributing and settling the products they offer.
“Of course, crypto-native firms are targeting many of the same commercial and customer outcomes,” the report said, citing announcements from players in the financial services and crypto spaces.
These include the likes of Intercontinental Exchange, Franklin Templeton, MoneyGram, MoonPay and Anchorage Digital, all pointing to a blurring of the lines between a bank product, a capital markets product and a blockchain product.
“The shift raises larger questions for regulators as well,” the report said. “If a money market fund, a payment account or a custody service can be delivered through blockchain infrastructure, what exactly should be regulated: the institution, the product, the technology, or all three?”
