Praxis, part of the "Network State" project, announced it secured $525 million to fund the creation of a crypto-friendly city. However, questions about the legitimacy of this venture arise.

What is Praxis?

Founded by Dryden Brown in 2019, Praxis presents itself as the world’s first "Network State," a city born from internet-native alliances. The project’s objectives are:

1. Accelerate technological progress within an Acceleration Zone with minimal regulatory barriers. 2. Create heroic ways of living by promoting traditional Western Civilization values. 3. Build a futuristic city designed by Zaha Hadid Architects.

Prominent investors such as Arch Lending and Manifold Trading back the project. The funds will acquire land, secure permits, and initiate construction.

Praxis' Vision for the Future

According to its founders, the city will attract top talent and drive breakthroughs in AI and crypto. Currently, more than 14,000 people, called “Praxians,” are part of this global network. Praxis aims to build a city focused on heroism, beauty, and technological progress.

GEM Digital's Controversial Involvement

A major player in the funding round, GEM Digital, is known for its "investment commitments". Of the reported $525 million, $500 million is attributed to them. Their participation, previously criticized for market manipulations, casts doubt on the solidity of these investments and may lead to instability in the Praxis project.

Despite ambitious plans and significant funding, Praxis faces skepticism due to GEM Digital's involvement, potentially affecting the realization of the crypto city concept.