TechFlow news — On October 16, according to The Block, Praxis, a project calling itself the world's first "network state," announced $525 million in funding to build a high-tech city supporting cryptocurrency, artificial intelligence, energy, and biotechnology development. Investors in this round include institutions such as Arch Lending, GEM Digital, and Manifold Trading, as well as angel investors including Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. Praxis previously received investments from Paradigm, Alameda Research, and Three Arrows Capital.
Praxis, led by 28-year-old co-founder Dryden Brown, says the city aims to attract entrepreneurs and drive breakthroughs in AI, cryptocurrency, biotechnology, energy, and advanced manufacturing. The city’s culture will promote traditional values of Western civilization. Praxis says it has partnered with Global Emerging Markets, the Middle East’s largest new city development firm, to design a large-scale project financing mechanism based on cryptocurrency, using tokenized physical assets. This financing, primarily composed of drawdown facilities, marks the first deployment of that mechanism.
According to The Wall Street Journal, the exact location of Praxis’ future city has not yet been determined. Additionally, Praxis may receive further funding from GEM Digital after its cryptocurrency token is listed on public exchanges. As of publication, Praxis claims nearly 14,000 "Praxis citizens" distributed worldwide. The project’s three main goals for building this new city are: unlocking the potential of science and technology, creating a more heroic and beautiful way of life, and demonstrating the possibility of building great cities in the 21st century.
