The paths of traditional finance and the cryptocurrency industry have crossed again, with a crypto startup coming to the rescue of the iconic Euromonument 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 save the famous Euro sculpture.
Announcing the news on Tuesday, Caiz said that the company saw a good marketing opportunity in supporting the sculpture by gaining unique exposure.
With the funding, the company was able to place its product board next to the 14-meter high euro sign bearing 12 yellow stars, which represent the original members of the currency.
The iconic Euro statue was erected in 2001 in front of the former headquarters of the European Central Bank to celebrate the introduction of the euro and has since become a symbol of Eurone decision-making. The monument had a problem in recent years when it was often vandalized, causing the Frankfurt Cultural Committee spends approximately 250,000 euros annually 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 famous Euro sign. Committee president Manfred Pohl said that 90 of the banks did not even bother to respond, while those 8 that responded did not provide sufficient funds to save the sign.
“This symbol is part of the identity of the city of Frankfurt. I cannot understand that in Frankfurt we have to beg for money,” said Pohl.
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Now, the iconic monument is being saved thanks to the cryptocurrency industry, which is often very skeptical of the existing fiat currency system. Caiz CEO Joerg Hansen admitted that the cryptocurrency industry often opposes government-backed centralized currencies to decentralized cryptocurrencies.
“Our first reaction when we heard the sign was in jeopardy was that we couldn’t believe the city or the banks weren’t really interested in it,” Hansen said. “As often as this sign is photographed, we said ‘Look, this is an absolute no-brainer,'” he said.