Giant euro sculpture in Frankfurt gets new sponsor

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Giant euro sculpture in Frankfurt gets new sponsor

A giant blue euro sculpture in the heart of Frankfurt's financial district has a new benefactor: The firm behind a sharia-compliant criptocurrency.

The future of the sculpture was at risk after 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, announced 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, the chief executive officer of Caiz development, told Reuters that our involvement makes sense from a commercial perspective as a marketing effort.

The sculpture was built to much fanfare in 2001, shortly before 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.