The "Network State" project Praxis has secured $525 million in funding to build crypto-friendly cities.

According to a report by The Block on October 16, the project Praxis, claiming to be the world’s first "network state," announced it has secured $525 million in funding to build a high-tech city that supports the development of cryptocurrencies, artificial intelligence, energy, and biotechnology. This round of financing includes investments from institutions such as Arch Lending, GEM Digital, and Manifold Trading, as well as angel investors like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. Previously, Praxis had received investments from Paradigm, Alameda Research, and Three Arrows Capital. Led by 28-year-old co-founder Dryden Brown, Praxis states that the city aims to attract entrepreneurs and promote breakthrough developments in AI, cryptocurrency, biotechnology, energy, and advanced manufacturing. The city’s culture will uphold traditional values of Western civilization. According to The Wall Street Journal, the specific location of Praxis's future city has yet to be determined. Additionally, Praxis can receive further funding from GEM Digital after its cryptocurrency token is listed on public exchanges. Praxis stated they are collaborating with Global Emerging Markets, the largest new city development project in the Middle East, to design a large-scale project financing mechanism based on cryptocurrency, utilizing tokenized physical assets. This financing, primarily consisting of withdrawal conveniences, is the first deployment of this mechanism. As of the time of publication, Praxis reported nearly 14,000 "Praxis citizens" distributed around the world. The three main goals of the project to build the new city are: to unleash technological and scientific potential, to create a more heroic and beautiful way of life, and to demonstrate to the world the possibility of building great cities in the 21st century.