IRACE is not the only one to bet that institutions want fewer service providers and a more integrated infrastructure. In April, SoFi unveiled Big Business Banking, a platform that allows businesses to manage fiat and crypto banking through a single regulated bank. The service has signed up major digital asset companies including CoinDesk parent Bullish (BLSH), BitGo (BTGO), Cumberland and Wintermute, highlighting a broader industry shift toward combining traditional banking, payments and digital assets under one roof.
As part of the rebranding, IRACE has named 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 roles.
“Institutional clients today are forced to consolidate banking, custody, payments, liquidity and execution across multiple providers, each with their own controls, reporting and operational risks,” Cronin said in the release.
“IRACE is built to unify this stack into a single institutional platform – one operating model, one governance framework, one set of controls – supporting fiat currencies, stablecoins, and traditional and digital assets. That’s what institutional scale in these markets really requires,” he added.
IRACE operates regulated banking activities in the United States, Europe and the Cayman Islands. The company said it is seeking additional regulatory approvals related to digital asset services in multiple jurisdictions.
