IRACE is not the only one betting that institutions want fewer suppliers and a more integrated infrastructure. In April, SoFi introduced Big Business Banking, a platform that allows businesses to manage fiat banking and cryptocurrency-related operations through a single regulated bank. The service signed up major digital asset companies, including CoinDesk’s parent company 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 CEO John Cronin as global CEO. Several other former Zodia executives, including Jo Lee, Niamh Byrne and Jennifer Fisher, have also joined the company in senior leadership roles.
“Today, institutional clients are forced to unite banking, custody, payments, liquidity and execution across multiple providers, each with their own controls, reporting and operational risk,” Cronin said in the statement.
“IRACE is being built to unify that stack into a single institutional platform (one operating model, one governance framework, one set of controls) that supports fiat currencies, stablecoins, and both traditional and digital assets. That’s what institutional scale in these markets really requires,” he added.
IRACE operates regulated banking businesses in the US, Europe and the Cayman Islands. The company said it is seeking additional regulatory approvals related to digital asset services in multiple jurisdictions.
