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

BlockBeats News, May 16th, according to Bloomberg, Fifth Third Bancorp., headquartered in Nashville, Tennessee, USA, began collaborating with cryptocurrency companies about five years ago, but did not make any significant investments until the regulatory environment became clearer. According to the bank's chief strategy officer, the time is now ripe for this.

Ben Hoffman, Chief Strategy Officer of Fifth Third Bank, stated that after establishing a small group of crypto clients using the bank's deposit accounts and payment capabilities, the bank is considering how to further expand its crypto business. These clients use the bank's services for operations such as 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 founded 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. In the early twentieth century, the Third National Bank merged with the Fifth National Bank, and the merged bank was renamed Fifth Third Bank.