City-building startup Praxis has raised $15 million

The crypto city will be based on functional architecture and environmental technologies

05.03.2022 - 11:05

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What’s new? Praxis, a city-building startup, which is backed by Peter Thiel, the co-founder of a PayPal payment system, has raised $15 million in Series A funding. Cryptocurrency venture capital firms led by Paradigm Capital, Sam Bankman-Fried’s Alameda Research, and Three Arrows Capital invested in the project. Praxis wants to build a city-state based on “shared values” rather than “labor market principles of the Industrial Age.”

What preceded it? Late last year, Praxis raised $4,2 million in a seed round. Among the investors were tech entrepreneurs Balaji Srinivasan and the Winklevoss twins. Dryden Brown, the co-founder of Praxis said:

“We are not trying to be a totally sovereign nation or something like that. We want to partner with a government and build something really cool that works with us and works for them and is mutually beneficial.”

Previously was mentioned that crypto investor Anthony Welch plans to build a bitcoin island that will be home to supporters of digital currencies.

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