Praxis, an ambitious project that bills itself as the world’s first “networked nation,” announced Tuesday that it has secured $525 million in funding to build a tech-leading city that will support the development of cryptocurrency, artificial intelligence, energy and biotechnology.
“This capital will enable Praxis to execute on its vision of building the next great metropolis,” the project said in a statement. “The city will be designed to attract entrepreneurs and foster innovation in AI, cryptocurrency, biotechnology, energy and advanced manufacturing. The city’s culture will promote the traditional values of Western civilization.”
Praxis, led by 28-year-old co-founder Dryden Brown, has a long list of new investors, including Arch Lending, GEM Digital, Manifold Trading and angels such as Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project previously raised funding from Paradigm, Alameda Research, and Three Arrows Capital.
According to a report published by the Wall Street Journal, the location of the future Praxis City has not yet been determined. Praxis also has access to “funding from GEM Digital following the listing of its cryptocurrency tokens on a public exchange,” the report said.
“Seeing institutions like BlackRock committing to cryptocurrencies, Praxis has partnered with Global Emerging Markets, the largest new city development project in the Middle East, to design a crypto-based mechanism to fund large-scale projects using tokenized real-world assets. “He said. name. “This financing, consisting primarily of drawdown facilities, represents the first deployment of this mechanism.
According to a statement, Praxis aims to build new cities for three reasons: “unlock technological and scientific possibilities,” “create a more heroic and beautiful way of life,” and “show the world that building great cities is possible.” I am doing it. In the 21st century.”
The project’s website also states that there are approximately 14,000 “Praxians” living around the world.
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