The paths of traditional finance and the cryptocurrency business have crossed once more, with a crypto firm attempting to save Frankfurt’s renowned “Euro-Skulptur” monument, Cointelegraph noted.
Caiz Development, a crypto firm based in Frankfurt, will donate 1 million euros ($961,000) in funding over the next five years to save the famous sculpture displaying the Euro symbol. Caiz announced the news on Tuesday, saying that the firm recognised a good marketing opportunity in sponsoring the sculpture by gaining unique visibility, Cointelegraph stated.
Cointelegraph stated that the firm was able to place its product board next to the 14-meter-high art work sporting 12 yellow stars, which symbolise the currency union’s original members. The iconic euro statue, which was placed in front of the former European Central Bank buildings in 2001 to commemorate the launch of the euro, has since become a symbol of eurozone decision-making. The monument has been attacked regularly in recent years, prompting the Frankfurt Culture Committee to spend over 250,000 euros each year to preserve the sign in proper working order.
The group sought sponsorship support from 110 banks to save the sculpture, but none of them wanted to support the “Euro-Skulptur,” according to committee chairman Manfred Pohl. He stated that 90 of the banks did not react, and those eight that did did not contribute enough funding to save the sign, Cointelegraph noted.
Caiz was created in 2018 as a software development business specialising on blockchain-based solutions such as global payments, central bank digital currencies, and tokenized assets. Hansen described the company’s sponsorship of the Euro monument as a “impactful investment” in marketing that will diversify its treasury portfolio over the next five years.
(With insights from Cointelegraph)