The paths of traditional finance and the cryptocurrency industry have intersected again, with a crypto startup coming to save the iconic “Euro-Skulptur” monument in Frankfurt.
Frankfurt-based crypto startup Caiz Development will provide 1 million euros, or about $961,000, in funding over the next five years to rescue the famous sculpture depicting the symbol for the Euro.
Announcing the news on Tuesday, Caiz said that the firm saw a good marketing opportunity in supporting the sculpture by obtaining unique exposure.
Through the funding, the firm was able to put its product board next to the 14-meter-high art installation bearing 12 yellow stars, which represent the original members of the currency union.
The iconic euro statue was erected in 2001 in front of the former European Central Bank headquarters to celebrate the introduction of the euro, and has since become a symbol of eurozone decision-making. The monument has seen trouble in recent years as it has been frequently vandalized, causing the Frankfurt Culture Committee to spend some 250,000 euros every year to keep the sign in proper condition.
The committee sought sponsorship support from 110 banks to save the sculpture, but none of them wanted to support the “Euro-Skulptur.” Committee chairman Manfred Pohl said that 90 of the banks didn’t even bother answering, while those eight who responded did not provide enough funds to save the sign.
“This symbol is a part of the identity of the city of Frankfurt. I cannot understand that, in Frankfurt, we must beg for money,” Pohl said.
Now, the iconic monument has been saved thanks to the cryptocurrency industry, which is often very skeptical about the existing fiat currency system. Caiz Development CEO Joerg Hansen admitted that the cryptocurrency industry often opposes government-backed centralized currencies to in favor of decentralized cryptocurrencies.
“We think that this is an amount extremely well spent, from a marketing point of view as well as a signal for the local and international finance community,” Hansen told Cointelegraph. He noted that the sculpture is photographed hundreds of times a day and is caught by hundreds of reports, adding:
“We also take a stand for inclusion, tolerance, and diversity symbolized by the sculpture, and an offer of cooperation with the traditional financial world.”
Caiz was founded as a software development company in 2018, focusing on blockchain-based solutions, including those for global payments, central bank digital currencies and tokenized assets. The firm considers its Euro monument’s sponsorship as an “impactful investment” in marketing, diversifying its treasury portfolio over the next five years, Hansen said.