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Praxis has secured $525 million in funding to build a tech-friendly city where regulatory barriers will not stop innovation.
Key Notes
Praxis has raised $525 million to build its Network City for entrepreneurs, technologists, and forward-thinkers who want to shape the future through groundbreaking technology and new societal norms.Praxis is also hosting its first congress in November at Dominican Republic to bring together global pioneers from technology, finance, and digital sovereignty.Praxis, a tech utopic project, has secured $525 million in funding to bring its vision of a “Network City” to life. According to a recent announcement, the project aims to merge cutting-edge technology with the revival of Western values.
The funding was raised from a mix of institutional and individual investors such as Arch Lending, GEM Digital Manifold Trading, Dan Romero (CEO of Farcaster), Tom Schmidt and Rob Hadick (General Partners at Dragonfly), and Kartik Talwar (CEO of ETHGlobal).
More than Just a City
The funds will provide the capital needed to accelerate the development of the Network City. The platform, which prides itself as the “internet-native alliance”, said the new city will be built within an “Acceleration Zone” — a Special Economic Zone.
The region is designed to reduce regulatory barriers and help companies make quick progress in areas like AI, crypto, biotech, energy, and advanced manufacturing with the funding.
While the exact location of the city is yet to be disclosed, the company said the architectural concept has been developed by Zaha Hadid Architects, merging futuristic design with classical aesthetics to balance cutting-edge infrastructure with a deep respect for history and tradition.
Praxis envisions its Network City as much more than a technological hub. It’s an attempt to create what the company describes as “heroic and beautiful ways of life” by building an entirely new culture and set of institutions.
The city is designed to attract a global community of entrepreneurs, technologists, and innovators who share the desire to shape the future of society through technological and cultural advancements.
Praxis Unveils New Funding Mechanism
The company revealed that David Weinreb, the former CEO of Howard Hughes Corp, who co-developed three new cities alongside renowned investor Bill Ackman, is leading the development of the city.
Praxis said his experience in urban development will be crucial as it seeks to navigate the complex landscape of building a new city from scratch, combining practical expertise with the bold vision of its founders.
In addition to the city, Praxis has introduced a novel financing mechanism, leveraging tokenized real-world assets (RWAs) in partnership with Global Emerging Markets (GEM), an alternative investment group managing $3.4 billion in assets.
The project said the crypto-native approach to funding is a response to the growing acceptance of digital assets by major institutions like BlackRock. According to Praxis, the move demonstrates how tokenization can be used to fund large-scale infrastructure projects.
Praxis to Host Its First Tech Event in November
The self-acclaimed “internet-native alliance” is also planning to organize its first major technological event, the Praxis World Congress, which will take place from November 5 to 8 in the Dominican Republic.
According to Praxis, the event will be hosted at a temporary “pop-up city” called Arkham x Praxis Campus.
The upcoming event will see visionaries, leaders, and pioneers from the worlds of technology, finance, and digital sovereignty in attendance to discuss the future of the Network City and its role in shaping the global economy.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
