A Vision for the Future
Praxis, an “internet-native alliance,” has announced a groundbreaking $525 million funding pledge to create a utopian city that reduces regulatory barriers for emerging technologies such as cryptocurrency, artificial intelligence, biotech, and energy innovation. This ambitious project aims to redefine modern urban development and attract leading tech innovators.
Backed by Industry Leaders
The funding, secured from notable companies like crypto lending platform Arch Lending and investment firm GEM Digital, highlights strong industry support for Praxis’ vision. Of the total, GEM Digital has committed $500 million, with the remaining $25 million coming from Arch Lending.
The Promise of a Tech Utopia
Although the final location remains undecided, discussions suggest potential sites in Latin America and the Mediterranean. Covering an estimated 1,000 acres, the city is expected to house around 10,000 residents and provide an environment conducive to technological growth and innovation.
Key features include:
- Reduced Regulatory Barriers: Creating opportunities for industries like AI, crypto, biotech, and energy.
- Urban Aesthetics: Blending futuristic designs with classical architecture for scalable urban planning.
- Cultural Development: Aiming to foster “heroic and beautiful ways of life” through innovative culture and institutions.
Funding Milestones
The funding will be released in phases based on project progress, including obtaining permits, purchasing land, tokenizing real estate ownership, and initiating construction. GEM Digital’s contribution involves crypto tokens representing ownership in future real estate developments, which Praxis must list on public exchanges to access the funds.
Choosing the Right Location
Praxis plans to finalize the city’s location by Q1 2025. Founder Dryden Brown envisions a city designed to inspire and lead technological advancements in the 21st century.
Crypto Cities: A Long Road Ahead
Praxis follows in the footsteps of other ambitious projects like Akon City in Senegal and Satoshi Island near Vanuatu, which have faced significant challenges. While these projects show potential, their slow progress underscores the complexities of creating a tech-friendly urban utopia.
