The paths of traditional finance and the cryptocurrency industry have crossed again, and a crypto startup has emerged to save the famous Euro-Sculpture monument in Frankfurt.
Frankfurt-based Caiz Development will provide 1 million euros, or about $961,000, over the next five years to save the famous euro symbol statue.
Ghez announced the news on Tuesday, saying the company saw a big marketing opportunity in supporting the sculpture by acquiring a unique offering.
Thanks to the funding, the company was able to place its shield next to a 14 meter long art object with 12 yellow stars representing the original members of the Monetary Union.
Euro monument and Caiz marketing program. Source: Caiz Development
The famous euro statue was erected in 2001 in front of the former headquarters of the European Central Bank to commemorate the introduction of the euro and has since become a symbol of the eurozone’s decision-making process. The monument has been in trouble in recent years as it has been repeatedly vandalized, prompting Frankfurt’s cultural committee to spend around 250,000 euros a year to keep the sign in good condition.
The commission asked for support from 110 banks to save the statue, but none of them wanted to support Euro-Sculptur. Committee chairman Manfred Pohl said 90 banks did not bother to respond, and the eight that did did not provide enough money to keep the signal alive.
“This symbol is part of the identity of the city of Frankfurt. I cannot understand that we in Frankfurt have to beg for money, said Paul.
Now the iconic monument has been saved thanks to the cryptocurrency industry, which is often very skeptical of today’s fiat currency system. Caiz Development CEO Jörg Hansen acknowledged that the crypto industry often opposes government-backed central currencies in favor of decentralized cryptocurrencies.
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“We think this is a very good amount in terms of marketing, as well as a signal to the local and international financial community,” Hansen told Cointelegraph. Noting that the sculpture is pictured hundreds of times a day and captured by hundreds of reports, he added:
“We also embrace the attitude of inclusion, tolerance and diversity that the sculpture symbolizes, offering collaboration with the world of traditional finance.”
Caiz was founded as a software development company in 2018 with a focus on blockchain-based solutions, including global payment solutions, central bank digital currencies and tokenized assets. Hansen said the company sees Euromonument’s sponsorship as a “powerful investment” in marketing, diversifying its financial portfolio over the next five years.