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Praxis Nation Raises Half Billion to Build Crypto City

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

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.

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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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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter

View all Posts by Isaiah Mccall

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