Praxis gets $525M for utopic crypto, AI-friendly city
A project aiming to create a city with fewer regulations for crypto and artificial intelligence tech leaders claims to have received a $525 million funding pledge.
Praxis, a self-described “internet-native alliance,” said on Oct. 15 it secured funding from various companies, including crypto lending platform Arch Lending and crypto investment firm GEM Digital.
The location for the tech utopia hasn’t been shared, but the project is promising the city will “reduce regulatory barriers” for tech companies in “AI, crypto, biotech, energy, and advanced manufacturing.”
Source: Dryden Brown
Other goals flagged by Praxis include “creating a more heroic and beautiful ways [sic] of life” through what it calls “culture and institution building” and showing the world it’s possible to “build a great city in the 21st Century.”
The project claims architects have a working concept for the city that blends “futuristic and classical aesthetics with scalable urban planning.”
Praxis, helmed by co-founder Dryden Brown, was founded in 2019. It has previously raised capital from venture firms, including Paradigm, Bedrock, Apollo Projects, Winklevoss Capital and Day One Ventures.
GEM Digital director Jonathan Collins said his firm is contributing the lion’s share of the funds, $500 million, according to an Oct. 15 Wall Street Journal report .
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In return, Praxis needs to provide GEM with crypto tokens representing ownership in future real-estate development.
Praxis would need to start listing the crypto tokens on a public crypto exchange to access the capital.
The rest of the funds would be released in stages when milestones are hit, such as getting permits from the local government, buying land for the build, tokenizing land ownership, starting construction and getting people to move into the city. Another $25 million is coming from Arch Lending.
Brown told the Journal he was discussing possible locations for the city in Latin America and the Mediterranean regions.
The initial project is set to cover around 1,000 acres and house 10,000 people. Brown said a final location would likely be selected in the first quarter of 2025.
A long line of proposed crypto cities
Praxis is the latest in a series of planned tech utopias that never got off the ground or stalled.
Akon City, a proposed crypto-powered smart city in Senegal was announced by rapper rapper Akon in 2018, but the project has seen little progress.
Only a few buildings have been constructed, and there has been no real update since 2023 — when construction was supposed to start.
Satoshi Island, a project to acquire an entire island near Vanuatu, spun up in 2021 with the aspiration of creating a home for crypto professionals and a deregulated stronghold with a blockchain-based economy.
Source: Satoshi Island
Nearly three years on, the latest update for the island from an Oct. 7 X post said it’s outlined where some pre-fabricated structures might go and have built foundations but didn’t say when the structures might arrive.
Grand plans to build a blockchain-powered city called Puertopia in the Roosevelt Roads Naval Base in Ceiba were also announced in 2018. But there haven’t been any meaningful updates in years.
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