Praxis Bids to Buy Greenland for New Crypto Nation

Praxis, a venture-backed startup, aims to create a "network state" and has made a bid to purchase Greenland, as announced by founder Dryden Brown on X.

Inspired by Donald Trump’s 2019 attempts to buy the island, Brown is attracted to Greenland's natural resources and strategic location to establish a new city. He stated,
> “I’m building a crypto-native country called @praxisnation, with a network of people who’ve founded companies worth over $400 billion. We are scouting for physical territory to build our first city.”

Praxis is part of a trend of projects attempting to create breakaway nations. Historically, micronations have existed, but Brown’s approach is intended for the internet age. This initiative aligns with Silicon Valley’s sentiments against restrictive regulations. Notably, Balaji Srinivasan has supported the concept of "network states" where online communities can acquire land and govern themselves.

Funding and Development

In October, Praxis raised $525 million in funding from notable investors. Brown has expressed plans for a Mediterranean city with a population of 10,000. Currently, the project has thousands of members worldwide and a physical hub in New York City, with over 50,000 on the waiting list for the future city.

Brown and Praxis representatives visited Nuuk, Greenland, seeking to negotiate a deal involving uninhabited land for a tax-paying charter city, or potentially a privatized charter state. The city would be co-owned by Praxis Citizens, the Greenlandic government, and Greenlanders, represented by tokens. He envisions extensive freedoms in law-making, suggesting it could serve as a testing ground for Mars settlements, such as a project called Terminus.

Brown believes the project could entice Greenlanders due to potential benefits from resource extraction and tax contributions, despite past failures of similar micronations like Akon City and Satoshi Island.

Recent Developments

Some recent charter city efforts have gained traction. For instance, Próspera in Honduras has been allowed to set its own laws, albeit facing legal challenges. Similarly, El Salvador’s proposed Bitcoin City hasn’t commenced construction, but Playa El Zonte is becoming a recognized crypto center.

At the time of writing, Brown had not responded to requests for comment, but opinions are mixed. Roko Mijic, an internet personality, supports both concepts, adding humorously, “I prefer ice” in reference to his own idea of a floating city.