As a seasoned crypto investor with a penchant for groundbreaking projects, I must admit that the announcement of Praxis’ Network City has piqued my interest significantly. With its ambitious vision to merge technology and tradition, backed by an impressive roster of investors and urban development experts, this project seems poised to make waves in the tech landscape.
The innovative tech venture known as Praxis has successfully raised $525 million in financing to materialize its dream of a “Network City.” As per the latest declaration, this ambitious project seeks to blend advanced technologies with the resurgence of traditional Western ideals.
The financing was gathered from a variety of sources including institutional and individual investors like Arch Lending, GEM Digital Manifold Trading, Dan Romero (the CEO of Farcaster), Tom Schmidt and Rob Hadick (General Partners at Dragonfly), as well as Kartik Talwar (CEO of ETHGlobal).
More than Just a City
The funds are earmarked for speeding up the construction process of the urban hub known as Network City. This initiative, recognized as a “digital-friendly consortium”, announced that the city would arise in a designated area called the “Growth Precinct” – a type of economic zone with expedited development.
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.
Though the specific place where the city will be built hasn’t been revealed yet, the company mentioned that the architectural blueprint has been created by Zaha Hadid Architects. This design blends futuristic elements with traditional beauty to strike a balance between advanced infrastructure and a strong appreciation for historical significance and tradition.
Praxis views its Network City as extending far beyond just a technological center. Instead, it’s an endeavor aimed at fashioning what the firm refers to as “extraordinary and aesthetically pleasing lifestyles” through the construction of a completely novel culture and system of institutions.
The city aims to draw an international group of business owners, tech enthusiasts, and creative thinkers who are passionate about shaping our future using technology and cultural development.
Praxis Unveils New Funding Mechanism
It has been disclosed that David Weinreb, a previous CEO at Howard Hughes Corp and a collaborator with well-known investor Bill Ackman in developing three new urban areas, will be overseeing the construction of this city.
In their own words, Praxis emphasized that their background in urban development will prove vital as they maneuver through the intricate terrain involved in constructing an entirely new city. By merging hands-on know-how with the ambitious ideas of its creators, they aim to make a significant impact on this groundbreaking project.
Beyond just the city, Praxis has also unveiled a unique financial strategy. This strategy utilizes tokenized real-world assets (RWAs) in collaboration with Global Emerging Markets (GEM), a prominent investment organization that manages approximately $3.4 billion in assets.
The project indicates that using a crypto-centric strategy for financing is a reaction to the increasing recognition of digital assets by significant entities such as BlackRock. As Praxis explains, this action highlights the potential use of tokenization in supporting massive infrastructure projects.
Praxis to Host Its First Tech Event in November
This so-called “internet-savvy coalition” is also preparing for their inaugural significant tech gathering, known as the Praxis World Congress, happening from November 5th through the 8th in the Dominican Republic.
As stated by Praxis, the event is scheduled to take place within a short-term urban setup, referred to as “Arkham x Praxis Campus”.
At the forthcoming gathering, influential figures, innovators, and trailblazers from realms such as technology, finance, and digital autonomy will be present. Their aim is to explore and debate about the future of the ‘Network City’ and its impact on determining the global economic landscape.
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2024-10-16 15:27