New sponsor for controversial euro sculpture in Frankfurt

A new benefit from a sharia-compliant coin is the firm behind a giant blue euro sculpture in the heart of Frankfurt's financial district.

The future of the sculpture was at risk after the banks that paid for its upkeep backed out, in the shadow of the European Central Bank's former headquarters and long symbol of Frankfurt's role in managing the single European currency.

On Tuesday, the Frankfurt Culture Committee, the owner of the sculpture, revealed that it had secured a new sponsor, saving it from having to auction the 14 metre object.

The sponsor is the technology developer Caiz, a Frankfurt-based company whose Caiz coin conforms to the principles of Islamic finance and laws.

Joerg Hansen, chief executive officer of Caiz development, told Reuters that the euro symbol is photographed several hundred times a day.

The sculpture was built in 2001 to much fanfare, shortly ahead of the launch of euro notes and coins.

Manfred Pohl, chair of the committee that owns it, said the most photographed object in the city remains in Frankfurt am Main.

The logo of the criptocurrency is prominently displayed on the sculpture's base.

Hansen said that the euro will always exist.