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.
DISCOVER: The Best Altcoins to Stack For 100X Returns In The 2024 Bull Run
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.
( X )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.
EXPLORE: New Meme Coin Flockerz Raises $700K in Presale as ‘Uptober’ Sizzles
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Why TradFi firms could turn to bitcoin margin loans: Maple CEO
Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025