IRACE is not alone in betting that institutions want fewer providers and more integrated infrastructure. In April, SoFi unveiled Big Business Banking, a platform that lets businesses manage fiat banking and crypto-related operations through a single regulated bank. The service signed up major digital asset firms, including CoinDesk parent Bullish ( BLSH ), BitGo ( BTGO ), Cumberland, and Wintermute, highlighting a broader industry move toward combining traditional banking, payments, and digital asset services under one roof.
As part of the rebrand, IRACE appointed former Zodia Custody Ireland CEO John Cronin as global CEO. Several other former Zodia directors, including Jo Lee, Niamh Byrne and Jennifer Fisher, have also joined the company in senior management roles.
“Institutional clients today are forced to join banking, custody, payments, liquidity and execution across multiple providers, each with its own controls, reporting and operational risks,” 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 – supporting fiat, stablecoins and both traditional and digital assets. That’s what institutional scale across these markets actually requires,” he added.
IRACE operates regulated banking businesses across the US, Europe and the Cayman Islands. The company said it is pursuing additional regulatory approvals related to digital asset services in multiple jurisdictions.
