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A cryptocurrency-based firm is attempting to establish a city. Praxis has received $15 million in Series A funding from leading industry investors. The platform intends to build a metaverse city-state based on shared ideals and a sense of belonging.

Along with current investors, Apollo Projects, Alameda Research, Three Arrows Capital, and Robot Ventures participated in the round Paradigm Capital led.

While announcing the investments, the company stated that they are actively engaging with landowners and governments, designing economic and political systems, architecting buildings and infrastructure, and bringing together the people who will inhabit them to find a new home for their community.

The new funds will be used to strengthen the company’s Real Estate, Governance, and Engineering departments and its internal city research and design studio.

In November of last year, the company raised $4.2 million in a seed round. Bedrock, a Detroit-based real estate business, led the round at the time, with participation from Uncommon Capital, NOMO, Cameron, and Tyler Winklevoss.

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