A new project called Praxis has captured attention with a bold vision of creating a city free from traditional regulatory hurdles, specifically designed for leaders in cryptocurrency, artificial intelligence, and advanced tech sectors. On October 15, Praxis announced it had secured a $525 million funding pledge from several firms, including Arch Lending and GEM Digital, a crypto investment company.
Although the location of the city remains undecided, Praxis is focused on reducing restrictions for companies in industries like AI, crypto, biotech, and energy. The project also aims to create a “heroic and beautiful” way of life, blending futuristic and classical design in urban planning.
GEM Digital is expected to contribute the majority of the funds—$500 million—in exchange for crypto tokens linked to future real estate developments. These tokens will be listed on public exchanges for Praxis to unlock capital. The remaining $25 million will be provided by Arch Lending.
Praxis co-founder Dryden Brown has stated that potential locations for the city are being considered in Latin America and the Mediterranean. The project will cover 1,000 acres and house approximately 10,000 people, with a final site expected to be chosen in early 2025.
Despite the excitement, Praxis is not the first attempt at building a tech utopia. Previous projects, such as Akon City in Senegal and Satoshi Island near Vanuatu, have faced delays and setbacks, raising questions about whether Praxis can overcome similar challenges.