Peter Thiel-backed city-building startup Praxis has raised $15 million in Sequence A funding from quite a lot of crypto enterprise corporations led by Paradigm Capital, Sam Bankman-Fried’s Alameda Analysis, and Three Arrows Capital.
Dryden Brown of New York College, and Charlie Callinan of Boston School, co-founded Praxis, previously Bluebook Cities in 2019, describing their purpose as: “constructing the city-cryptostate to appreciate a extra important future,” in keeping with the corporate web site.
Praxis desires to pivot away from “artificially scarce metaverses” to construct a city-state that’s organized round “shared values,” moderately than the “labor market rules of the Industrial Age”. The cryptocurrency-run metropolis will reportedly focus closely on useful structure and environmental know-how.
Cash constituted of crypto has gone into artwork jpegs and artificially scarce ‘metaverses’. We wish to put it into beautifully-designed properties and concrete environments, parks and regen. agriculture – and extra. We reject shortage. We’re infinitely and undoubtedly optimistic about life. https://t.co/ZigR1FKRpt
— Praxis (@PraxisSociety) March 3, 2022
The staff at Praxis has but to safe a serious land deal on which to construct their metropolis however is reportedly seeking to be based mostly someplace within the Mediterranean. In a YouTube interview, co-founder Dryden Brown mentioned:
“We’re not making an attempt to be a complete sovereign nation or one thing like that. We wish to companion with a authorities and construct one thing actually cool that works with us and works for them and is mutually useful.”
Associated: a16z, Google lead $20M funding in Africa Web3 sport writer Carry1st
Along with Paradigm, Alameda Analysis, and Three Arrows capital, traders on this spherical embrace Apollo Initiatives in addition to Robotic Ventures. Praxis raised $4.2 million in a seed spherical late final 12 months, with tech entrepreneurs Balaji Srinivasan and the Winklevoss twins among the many traders.
Paradigm just lately dethroned a16z because the world’s largest crypto enterprise capital fund in November final 12 months, elevating $2.5 billion for its “New Enterprise Fund”.