- As the first “Network State” in history, Praxis has stated that it has raised $525 million to construct a technologically advanced metropolis that will foster advancements in biotech, energy, artificial intelligence, and cryptocurrency.
- Angel investors like Dan Romero, CEO of Farcaster, and Max Novendstern, co-founder of Worldcoin, are among the investors in the round, along with Arch Lending, GEM Digital, and Manifold Trading.
- Three Arrows Capital, Alameda Research, and Paradigm have all contributed funds to the initiative in the past.
The ambitious project Praxis, which describes itself as the first Network State in history, revealed on Tuesday that it had raised $525 million to fund the construction of a tech-forward metropolis that will aid in the advancement of biotech, energy, artificial intelligence, and cryptocurrency.
The initiative said in a statement that Praxis can carry out its aim of creating the next great metropolis with the help of this cash. The city will be planned to draw in businesspeople and promote innovations in biotech, energy, advanced manufacturing, artificial intelligence, and cryptocurrency. The city’s culture will uphold Western civilization’s traditional principles.
A lengthy list of new investors was presented by Praxis, led by 28-year-old cofounder Dryden Brown. These investors included Arch Lending, GEM Digital, Manifold Trading, and angel investors including Dan Romero, CEO of Farcaster, and Max Novendstern, co-founder of Worldcoin. Three Arrows Capital, Alameda Research, and Paradigm have all contributed funds to the initiative in the past.
The Wall Street Journal said that the site of the future Praxis city is still up in the air. Furthermore, the report stated that Praxis will have access to funding from GEM Digital following the listing of cryptocurrency tokens on a public exchange.
In collaboration with Global Emerging Markets, the largest new city development project in the Middle East, we developed a crypto-native mechanism for financing large-scale projects using tokenized real-world assets after seeing organizations like BlackRock commit to cryptocurrency, Praxis said in a statement. This finance is the first implementation of this technique, mostly in the form of a drawdown facility.
Praxis says that it wants to create a new city for three reasons: to show the world that a magnificent city can be built in the twenty-first century; to unlock scientific and technological capabilities; and to create more heroic and beautiful ways of existence.
On the project’s website, it is stated that there are approximately 14,000 “Praxians” worldwide.
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