The "Network State" project Praxis raised $525 million to build crypto-friendly cities

ChainCatcher news reports that Praxis, claiming to be the world's first "network nation" project, announced on Tuesday that it has raised $525 million to build a cutting-edge technology city that supports the development of cryptocurrency, artificial intelligence, energy, and biotechnology.

According to the announcement, the financing round included participants such as Arch Lending, GEM Digital, and Manifold Trading, with new angel investors including Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner at Dragonfly), and Rob Hadick (General Partner at Dragonfly).

Additionally, according to the Web3 asset data platform RootData, Praxis is a community composed of future city residents, including founders, creatives, investors, and everyone in between. Membership is based on an application process. Once accepted, members can participate in events and contribute to the city's development. Most importantly, members share a common lifestyle: optimism, health, clear goals, and a commitment to ideas greater than themselves, encapsulated in one word: vitality.