Originally published on: October 16, 2024
Praxis, a visionary initiative striving to create a city with a tech-forward approach, recently announced a massive $525 million funding boost. The project, positioned as an “internet-native alliance,” revealed on October 15th that it had secured investments from prominent companies like Arch Lending and GEM Digital.
While the exact location of this futuristic city remains undisclosed, Praxis has bold promises for the innovative urban landscape. The project vows to minimize regulatory obstacles for tech companies focusing on AI, crypto, biotech, energy, and advanced manufacturing.
In addition to reshaping city regulations, Praxis aims to cultivate a more enchanting way of life through its unique “culture and institution building” approach. The project envisions a blend of futuristic and classical aesthetics, coupled with scalable urban planning to create a truly pioneering metropolis.
Founded by the visionary entrepreneur Dryden Brown in 2019, Praxis has already garnered support from reputable venture firms such as Paradigm, Bedrock, and Winklevoss Capital. GEM Digital, one of the key investors in this latest funding round, has pledged a substantial $500 million towards the project.
In return for the investment, Praxis has committed to offering crypto tokens representing ownership stakes in future real estate ventures. To raise further capital, the project plans to list these tokens on a public crypto exchange.
The funding will be released in phases, tied to specific milestones like obtaining permits, acquiring land, tokenizing ownership, commencing construction, and populating the city. Arch Lending has also contributed $25 million to support Praxis in realizing its ambitious vision.
While the dream of a tech utopia is not new, Praxis aims to bring this vision to life on a grand scale. Previous attempts at creating similar projects like Akon City in Senegal and Satoshi Island have encountered challenges and slow progress. However, with strong financial backing and a clear roadmap, Praxis is well-positioned to revolutionize urban living in the 21st century.
As the search for the perfect location continues in regions like Latin America and the Mediterranean, the stage is set for Praxis to redefine the future of urban living and inspire a new wave of innovation in the tech industry. Stay tuned for more updates on this groundbreaking project that has the potential to reshape our cities for generations to come.
