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

City-building startup Praxis has raised $15 million

05.03.2022 - 11:05


2 min


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.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy