BlockBeats reports that on May 16, according to Bloomberg, Fifth Third Bancorp, based in Nashville, Tennessee, began establishing partnerships with cryptocurrency companies about five years ago but had not made significant investments until the regulatory environment became clearer. According to the bank's strategic officer, that time has now arrived.
Fifth Third Bank's Chief Strategy Officer Ben Hoffman stated that after establishing a small segment of cryptocurrency clients using the bank's deposit accounts and payment capabilities, the bank is considering how to further expand its cryptocurrency business. These clients use the bank's services to handle payroll, revenue receipt, and other operational matters.
According to reports, Fifth Third Bank in the United States has its origins tracing back to the Bank of the Ohio Valley, which was established in 1858 in Cincinnati, Ohio. In 1871, the Bank of the Ohio Valley was acquired by the Third National Bank, and in the early 20th century, the Third National Bank merged with the Fifth National Bank, renaming the combined institution Fifth Third Bank.