Dryden Brown raises $525M for Praxis city project
Entrepreneur Dryden Brown has launched an innovative venture called "Praxis," aiming to build a new city that embodies the concept of a Network State, designed to rejuvenate Western civilisation.
According to a recent report by the Wall Street Journal, Brown has secured $525 million in financing to bring this ambitious project to life.
The initiative seeks to demonstrate that constructing a remarkable, modern city is achievable in the 21st century, serving as a model for technological and scientific advancement.
The Praxis project plans to establish special economic zones that promote the development of cryptocurrency, artificial intelligence, and biotechnology.
These zones will encourage innovation by offering a supportive environment for new technologies.
Brown highlighted that the project is leveraging RWA (Real World Assets) infrastructure to finance large-scale developments, inspired by the increasing interest from major institutions in cryptocurrency.
"Upon witnessing institutions like BlackRock’s commitment to crypto, we designed a mechanism to finance large-scale projects using RWAs," Brown stated, citing collaborations with Global Emerging Markets and Arch Lending.
The project has already attracted significant investment, including participation from organisations like Arch Lending and GEM Digital, along with support from influential figures in the tech and crypto sectors.
Notable angel investors include Dan Romero, CEO of Farcaster, as well as Tom Schmidt, Rob Hadick, and Anirudh Pai.
Brown believes that these strategic partnerships will play a crucial role in making the Praxis vision a reality, helping to create a sustainable and technologically advanced city in the Middle East.
Despite the ambitious scale, Praxis aims to avoid the pitfalls often associated with projects promising to "change the world."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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