FundBank, the US institutional banking firm founded by former Waystone executives, has made a major investment to acquire the Irish blockchain startup Trrue Chain. The deal is worth €10million ($11million).
The acquisition is the first in a series of strategic moves by FundBank to establish itself as a global leader in the support of digital and crypto assets. The timing of the deal aligns directly with a marked increase in demand among institutional asset allocators and fund managers who are now integrating crypto and digital assets into their portfolios. Furthermore, FundBank noted that the move is supported by the ongoing evolution of US regulatory clarity, pointing to the Genius Act, the Clarity Act, and OCC Notice 186, which together are creating a safe harbour for institutional crypto services.
The US bank has been expanding rapidly into Europe over the past year. After launching banking operations in Luxembourg last year, FundBank recently received approval from the Central Bank of Ireland to establish its first bank branch in the region.
Bridging fiat and crypto custody
Co-founded in 2021 by Owen O’Driscoll, Pearse Ryan, and Arjan van Eersel, Trrue operates as a Layer-1 blockchain. The startup provides tailored infrastructure for businesses and individuals, ensuring compliance, transparency, and trust across highly regulated financial markets. Under the terms of the acquisition, the founders will remain with the company as employees.
FundBank aims to leverage this infrastructure to meet the rising demand for secure fiat banking and custody services from diverse stakeholders within the digital asset space.
Derek Delaney, senior executive at FundBank and founder of ComOp (the lead institutional investors in Trrue), outlined the strategic rationale behind the acquisition: “ComOp has been a long-time admirer of the innovative approach to governance through blockchain developed by Trrue and this coupled with a VASP and, subject to approval, CASP license, makes it a very unique asset.”
Delaney highlighted a specific gap in the Irish market: “Ireland has seen a number of the institutional VASPs choose to convert to CASPs in other jurisdictions and this has left a gap in the market that will become apparent as CASPs mainstream the institutional holding of crypto and digital assets in funds.”
He believes that the combination of FundBank’s product offering in Ireland with Trrue’s crypto capabilities creates a distinct competitive advantage. “We believe we can be the earliest adopters of institutional Fiat + Custody and, in time, will round this out to Fiat + Custody + Trading,” Delaney added.
Rebuilding financial architecture
Owen O’Driscoll, CEO of Trrue, emphasized the necessity of modernising core financial systems:
“Since founding Trrue in 2021, our focus has been on rebuilding the core architecture of finance. The systems the global economy relies on simply weren’t designed for the speed and demands of today.”
He described the investment as an important milestone and a meaningful affirmation of their strategy.
“With this partnership, we are accelerating the build-out of infrastructure that enables institutional capital to move instantly and securely,” O’Driscoll stated. “Becoming part of the FundBank Group accelerates our evolution as an institutional platform and strengthens our ability to scale with the governance and rigor the market demands.”
The post FundBank Acquires Irish Blockchain Startup Trrue Chain in €10m Deal as Institutional Crypto Demand Rises appeared first on The Fintech Times.
