'Network State' project Praxis secures $525 million to build crypto-friendly city

Praxis, the ambitious project that bills itself as the world’s first "Network State," announced on Tuesday it secured $525 million to finance the building of a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech.

"With this capital, Praxis can execute its vision of building the next great city," the project said in a statement . "The city will be designed to attract entrepreneurs and foster breakthroughs in AI, crypto, biotech, energy, and advanced manufacturing ... The culture of the city will promote the traditional values of Western Civilization."

Praxis, helmed by 28-year-old cofounder Dryden Brown, provided a long list of new investors, including Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrows Capital.

A report  published by The Wall Street Journal said that the location of the future Praxis city has yet to be determined. Additionally, Praxis can access "financing from GEM Digital after it lists crypto tokens on a public exchange," the report also said.

"Seeing institutions like BlackRock commit to crypto, we designed a crypto-native mechanism for financing large scale projects using tokenized real-world assets, in partnership with the largest new city development project in the Middle East, Global Emerging Markets," Praxis said in a statement. "This financing, primarily consisting of a drawdown facility, represents this mechanism’s first deployment.

According to its statement, Praxis aims to build a new city for three reasons: "Unlocking technological and scientific possibilities," "creating more heroic and beautiful ways of life," and "to show the world that it is possible to build a great city in the 21st Century."

The project's website also says it has nearly 14,000 "Praxians" who live around the world.