Praxis to build digital 'network state' city +Colonia in Uruguay
- —Praxis raised $4.2M in seed and $15M in Series A, then $525M in 2024
- —Of the $525M, $500M from GEM Digital hinges on delivering tokenized land assets
- —The +Colonia city will rise near Colonia del Sacramento under Eduardo Bastitta's oversight
- —No binding agreement with Bastitta's company has been signed yet, WSJ reports
Why it matters: The project tests a private 'network state' model with tokenized land, a signal for the RWA market and crypto jurisdictions.
Source: Cryptoast