Originally published on: October 16, 2024
Praxis, a visionary project aiming to create a cutting-edge city tailored for crypto and artificial intelligence leaders, has received a substantial funding pledge of $525 million. The self-proclaimed “internet-native alliance” announced on Oct. 15 that it has secured funding from a variety of companies, including Arch Lending, a crypto lending platform, and GEM Digital, a crypto investment firm.
While the exact location of this futuristic city remains undisclosed, Praxis promises to break down regulatory barriers for tech companies specializing in AI, crypto, biotech, energy, and advanced manufacturing. The project envisions a city that fosters a more heroic and aesthetically pleasing way of life through innovative cultural and institutional development.
Led by co-founder Dryden Brown, Praxis has gained support from prominent venture firms like Paradigm, Bedrock, and Winklevoss Capital since its establishment in 2019. The $525 million investment will primarily come from GEM Digital, with $500 million earmarked for the project in exchange for crypto tokens representing future real estate development ownership.
To access the capital, Praxis must list these crypto tokens on a public exchange. The remaining funds, including $25 million from Arch Lending, will be disbursed incrementally as specific project milestones are achieved, such as gaining permits, procuring land, tokenizing ownership, commencing construction, and attracting residents.
While other ambitious tech utopia projects like Akon City in Senegal and Satoshi Island near Vanuatu have faced setbacks, Praxis is determined to materialize its vision for a forward-thinking and revolutionary city. With a projected area of 1,000 acres to accommodate 10,000 residents, the project aims to select a final location by the first quarter of 2025.
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