Business Wire
Abra, a global platform for digital asset services, announced it has partnered with Praxis, the first network state, to collaborate on real world asset tokenization, as well as DeFi services to network states, including those created on the Praxis platform. This partnership marks the launch of Abra’s new Digital Asset Solutions initiative.
“Abra wholeheartedly embraces and embodies the network state vision and we’re excited to partner with them to make this vision a reality.”
Network states build their population, community, and institutions initially online, crowdfunded with cryptocurrencies, to cultivate a shared way of life and a vision for the future. Next, they coalesce neighborhoods, and build new cities. Today, Praxis has thousands of Citizens from dozens of countries who have built technology companies worth over $400B. Praxis is backed by funds including Paradigm, Bedrock, and angels including Shervin Pishevar, Sam Altman, Joe Lonsdale, and Balaji Srinivasan.
Praxis and Abra intend to create an on-chain database of real estate, businesses, citizenship, contracts, marketplaces, and other on-chain DeFi (decentralized financial) services that interact seamlessly with both online communities and physical cities.
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While details of Abra’s new Digital Asset Solutions initiative will be released in the coming weeks, Abra intends, as part of this initiative, to provide a tokenization and DeFi platform for network states and cities created on the Praxis platform. This platform will enable:
- Tokenization of physical assets, including land and real estate.
- Issuance of tokens representing membership or citizenship, land ownership and governance within the network states.
- Integration of governance frameworks that allow for decentralized decision-making.
- Opportunities for earning yield through DeFi protocols.
- Lending services, allowing members to lend their assets and earn interest.
- Facilitation of payments and execution of transactions for various asset types.
Abra intends to extend its asset management platform to tokenized land purchases, including:
- Bitcoin and Ethereum-backed loans: Loans secured by Bitcoin and Ethereum holdings to finance the acquisition of tokenized assets within network states.
- Real estate token-backed loans: Loans collateralized by tokenized real estate within the network states.
Bill Barhydt, CEO of Abra, said: “As the network state enters a new phase of viability, catalyzed by the decline of massive centralized global systems of governance, Praxis and Abra have the opportunity to take a leadership role by creating a decentralized platform owned by the people enabling individual members, businesses, developers, and governments to build capital and reputation across both competing and cooperating network states. We’re therefore extremely excited to be partnering with Praxis to participate in enabling tokenization and DeFi-based financial services to network states and support Praxis as it works towards ultimately enabling physical cities representing network states.”
Shervin Pishevar recently joined Abra as Co-Chairman, is a Praxis Advisor, as well as Co-founder of Sofreh Capital and EdisonAlpha, and one of the founders of the new cities network state movement. Regarding the Abra and Praxis partnership Shervin commented, “As a globally recognized leader in the digital asset markets and a strong believer in the decentralization movement, Abra was naturally the right partner for Praxis. Bill and the Abra team are pioneers when it comes to creating novel crypto services, which aligns with our shared vision for how we take network states and Praxis to the next level. We are excited about the potential of this partnership to transform the way network states operate and are financed, and we believe this partnership will accelerate the network state movement and deliver immense value to both parties and the communities we serve.”
Dryden Brown, founder of Praxis recently wrote, “Early Network States … will create real value through their crypto-native economic infrastructure, earning respect and legitimacy by solving problems that traditional Nation States struggle to address – whether in financial access, public services, property rights, or governance innovation. This incremental approach is aligned with the historical evolution of crypto itself: from a fringe technology to an asset class respected by institutional investors.” He added, “Abra wholeheartedly embraces and embodies the network state vision and we’re excited to partner with them to make this vision a reality.”
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