Bloomberg: After Five Years of Researching Cryptocurrencies, US Fifth Third Bank Plans to Increase Its Investment

On May 16th, as per Bloomberg, Fifth Third Bancorp., which has its headquarters in Nashville, Tennessee, USA, started collaborating with cryptocurrency companies around five years ago. However, it did not make any substantial investments until the regulatory environment became more defined. According to the bank's chief strategy officer, the current time is appropriate for this. Ben Hoffman, the Chief Strategy Officer of Fifth Third Bank, mentioned that after setting up a small group of crypto clients who utilize the bank's deposit accounts and payment capabilities, the bank is pondering how to further expand its crypto business. These clients employ the bank's services for operations like payroll processing and income receipt. It is reported that the American Fifth Third Bank, whose predecessor can be traced back to the Bank of the Ohio Valley established in 1858 in the Ohio Valley of Cincinnati, Ohio. In 1871, the Bank of the Ohio Valley was acquired by the Third National Bank of the United States. During the early twentieth century, the Third National Bank merged with the Fifth National Bank, and the merged bank was renamed Fifth Third Bank.