The pathways of traditional finance and also the cryptocurrency industry have intersected again, having a crypto startup visiting save the legendary Euro monument in Frankfurt.
Frankfurt-based crypto startup Caiz Development will give you a million euros, or about $961,000, in funding within the next 5 years to save the famous Euro sculpture.
Announcing this news on Tuesday, Caiz stated the firm saw a great marketing chance in supporting the sculpture by acquiring unique exposure.
With the funding, the firm could put its product board near the 14-meter-high euro sign bearing 12 yellow stars, which represent the initial people from the currency union.
The legendary Euro statue was erected in 2001 while watching former European Central Bank headquarters to celebrate the development of the euro and it has since become symbolic of Eurone decision-making. The monument originates under trouble recently as it’s been frequently vandalized, causing the Frankfurt Culture Committee to invest some 250,000 euros each year to help keep the register an effective condition.
The committee searched for sponsorship support from 110 banks to save the sculpture, but not one of them desired to offer the famous Euro sign. Committee chairman Manfred Pohl stated that 90 from the banks didn’t even bother answering, while individuals 8 who responded didn’t provide enough funds in order to save the sign.
“This symbol is part of the identity from the town of Frankfurt. I am unable to realize that in Frankfurt, we have to beg for the money,” Pohl stated.
Now, the legendary monument is saved because of the cryptocurrency industry, that is frequently very skeptical concerning the existing fiat currency system. Caiz Chief executive officer Joerg Hansen accepted the cryptocurrency industry frequently opposes government-backed centralized currencies to decentralized cryptocurrencies.
“Our first reaction whenever we heard the sign is at danger was we couldn’t believe the town or even the banks weren’t really thinking about it,” Hansen stated. “With how frequently this sign will get photographed, we stated ‘Look, it is really an absolute no-brainer’,” he mentioned.