Praxis Nation Raises Half Billion to Build Crypto City

What is Praxis Nation? Farcaster’s Dan Romero backed a new crypto city that could rival Satoshi Island and Akon City.

Praxis Nation is pushing the boundaries of urban tech innovation, securing $525 million to build a crypto city utopia where technology and minimal regulations coexist seamlessly.

This bold move signals a leap forward in merging tech with everyday life.

Crypto City: A Vision of a Tech-Friendly Future

‘Utopia in Greek’ technically means nowhere. But the people at Praxis Nation are saying screw that.

Praxis, an “internet-native alliance,” aims to create a city with fewer tech, AI, crypto, and biotech regulations. Co-founder Dryden Brown imagines a 21st-century city that is functional and aesthetically pleasing, blending innovation with timeless design.

WTF is Praxis, and what are they going to do with $525 million?
In simple terms, @praxisnation aims to be a real-world Wakanda (advanced technology, not just blockchain…and limited citizenship). You get the comparison now, right?

Don't even think this is a regular project,… pic.twitter.com/6O6RAjRv6h

— SHa®p (@SharpTheGuy) October 16, 2024

The location of this ambitious project is still a mystery, but talks point to Latin America or the Mediterranean.

The initial stage aims to develop 1,000 acres for about 10,000 people, with a decision expected by early 2025.

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Learning from the Past: Challenges Ahead

GEM Digital, Arch Lending, and Manifold led a $525 million funding round for Praxis, with notable backing from tech insiders like Farcaster’s Dan Romero and Dragonfly’s Tom Schmidt. This surge of investment reflects a strong belief in Praxis’s bold tech city vision.

“Our firm is contributing the lion’s share of the funds, $500 million, signifying our belief in Praxis’s vision.” –Jonathan Collins, GEM Digital director

Praxis will compensate GEM’s investment with crypto tokens, tying their stake to future real estate projects. This venture echoes other tech city dreams like Akon City in Senegal and Satoshi Island near Vanuatu, which are struggling with lofty aims and logistical snags.

Akon City has stalled since 2018, while Satoshi Island remains mostly on paper.

Building new urban landscapes isn’t easy—Praxis faces hurdles like obtaining permits, securing land, and convincing people to relocate. Navigating these challenges will be key to turning their vision into reality.

A New Era for Crypto Cities

Praxis Nation is pushing the boundaries of urban life, crafting a tech-centric city that promises to be a beacon for innovation and cultural growth.

As the first “network nation,” it draws strength from a global community of over 14,000 Praxians. With fresh funding, Praxis is ready to turn its bold vision into reality, potentially reshaping the landscape of Crypto Cities.

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