FundBank Rebrands as IRACE Digital, Acquires Tenet Bank for Crypto Push

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 announced Monday.

The rebranding and acquisition mark a strategic shift for FundBank, which traditionally served asset managers and funds. By acquiring Tenet Bank, which caters to entrepreneurs, startups, Web3 developers and institutional clients, IRACE Digital aims to bridge traditional finance and the crypto ecosystem. The combined entity plans to expand beyond conventional banking into digital asset custody, liquidity management and execution services. Financial terms of the Tenet acquisition were not disclosed.

For cryptocurrency and digital asset traders, the move signals growing institutional interest in providing regulated, bank-grade infrastructure for digital assets. As traditional financial players increasingly enter the space, services like custody and liquidity management become more accessible, potentially reducing counterparty risk and improving market efficiency. Live crypto prices and charts on NowPrice show how the market is reacting to such institutional developments.

The trend of traditional finance firms acquiring or partnering with crypto-native entities is expected to continue, as regulatory clarity improves and demand from institutional investors grows. Market participants will watch for further consolidation and service expansions that could lower barriers for mainstream adoption of digital assets.