Peter Thiel-supported city-building startup Praxis has reportedly secured $15 million in capital injection via Series A fundraising from different crypto venture entities, to design a crypto-powered city utopia. 

Specifically, the funding round reportedly witnessed the participation of big names across different sectors, including Paradigm Capital, Sam Bankman-Fried‘s Alameda Research and Three Arrows Capital.

Dryden Brown of New York University and Charlie Callinan of Boston College reportedly co-founded Praxis -previously referred to as Bluebook Cities – to work towards the target of “building the city-crypto state to realize a more vital future”. 

Praxis reportedly has plans down its pipeline to steer clear from “artificially scarce metaverses”, in a bid to design a city-state organized around ‘shared values’, instead of the “labor market principles of the Industrial Age.”

The crypto-operated city will reportedly concentrate primarily on functional architecture and environmental technology.

The team at Praxis has reportedly not come to the final decision regarding the acquisition of a major location deal as the foundation for their city, but is planning to be situated somewhere in the Mediterranean. 

“We are not trying to be a total 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.” cofounder Dryden Brown additionally shared via a Youtube interview. 

Apart from Paradigm, Alameda Research and Three Arrows capital, the investing entities that took part in this round are reportedly also Apollo Projects as well as Robot Ventures. 

Praxis managed to obtain $4.2 million in a seed round in late 2021, which saw participation of tech entrepreneurs such as Balaji Srinivasan and the Winklevoss twins among the investors.