The paths of traditional finance and the cryptocurrency industry have crossed again, with a crypto startup emerging to rescue the famous “Euro-Skulptur” memorial in Frankfurt.
Frankfurt-based Caiz Development will provide 1 million euros, or about $961,000, in funding over the next five years to save the famous statue depicting the euro symbol.
Announcing the news on Tuesday, Guez said the company saw a good marketing opportunity in supporting the sculpture by acquiring a unique offering.
With the funding, the company was able to place its product board next to the 14-meter-high art facility bearing 12 yellow stars representing the original members of the Currency Association.
Euro Monument and Caiz Marketing Program. Source: Caiz Development
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 the eurozone’s decision-making process. The monument has experienced problems in recent years as it has been repeatedly vandalized, prompting Frankfurt’s Culture Committee to spend around €250,000 each year to keep the sign in good condition.
The commission requested support from 110 banks to save the statue, but none of them wanted to support Euro-Skulptur. Committee Chairman Manfred Pohl said 90 of the banks did not bother to respond, while those eight who responded did not provide enough money to save the signal.
“This symbol is part of the identity of the city of Frankfurt. I cannot understand that in Frankfurt we have to beg for money,” Paul said.
Now, the iconic monument has been saved thanks to the cryptocurrency industry, which is often very skeptical about the current fiat currency system. Caiz Development CEO Jörg Hansen admitted that the crypto industry often opposes government-backed central currencies in favor of decentralized cryptocurrencies.
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“We think that’s a very good amount, from a marketing standpoint as well as a signal for the local and international finance community,” Hansen told Cointelegraph. He noted that the sculpture is depicted hundreds of times a day and captured by hundreds of reports, adding:
“We also take an attitude of inclusion, tolerance and diversity that the sculpture symbolizes and offer to collaborate 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 payments solutions, central bank digital currencies, and tokenized assets. Hansen said the company views the Euromonument sponsorship as an “impact investment” in marketing, diversifying its treasury portfolio over the next five years.