Praxis, an innovative “internet-native alliance,” has secured a substantial $525 million funding pledge to build a new city centered around a crypto-driven economy with fewer regulations for tech leaders.

Praxis Secures Major Funding for New Crypto City

On October 16, Praxis announced receiving $525 million to construct the “first Network State.” This funding comes from various tech companies and angel investors, including Arch Lending, Manifold Trading, and Global Emerging Markets Digital.

According to a Wall Street Journal report, GEM Digital contributed the largest portion of the funding, pledging $500 million to Praxis’ city-building project. To access this funding, Praxis must provide GEM with crypto tokens representing future real-estate ownership, which will need to be listed on a public crypto exchange.

CEO’s Vision for the Future

CEO and co-founder of Praxis, Dryden Brown, shared the news of the funding on social media. He mentioned that Praxis and its business partners have devised a “novel drawdown mechanism” for new city developments, with the $525 million funding being allocated for its first deployment.

“Seeing institutions like BlackRock commit to crypto, we designed a crypto mechanism for financing large-scale projects using RWAs, in partnership with the largest new city development project in the Middle East, Global Emerging Markets & Arch Lending,” said Dryden.

Although the location of the new city remains undisclosed, Brown indicated that potential sites in Latin America and the Mediterranean are under consideration.

Promoting Technological Advancement

According to a Praxis blog post, the Network State aims to minimize regulatory barriers to foster “rapid breakthroughs in AI, crypto, biotech, energy, and advanced manufacturing.” The new city is planned to be within an Acceleration Zone2, a special economic zone with fewer regulatory restrictions, allowing tech companies to operate more freely while adhering to “traditional values of Western Civilization.”

In a separate update, Praxis elaborated that Network States would be pivotal for broader crypto adoption by integrating on-chain infrastructure into core institutions, serving as a parallel to traditional finance bodies found in nation-states.

Support from Venture Firms

Founded in 2019, Praxis has attracted capital from several venture firms, including Paradigm, Bedrock, Apollo Projects, Winklevoss Capital, and Day One Ventures.

Stay updated with the latest developments in the cryptocurrency world. Explore more news on Global Crypto News.

#DigitalCurrency #Crypto

Post Views: 2