Funding for Praxis, an ambitious initiative aiming to build a tech-centric city with few rules, has come in very large at $525 million. This “internet-native alliance” sees a futuristic metropolis where innovation in bitcoin, artificial intelligence (AI), biotech, and other sophisticated sectors may flourish. The city commits to reducing regulatory barriers, thereby fostering an environment that supports innovative technological advancements.
The money comes from several sources; GEM Digital is driving the charge with $500 million committed. Additionally, Arch Lending, a bitcoin lending company, contributes $25 million to the project. Praxis wants to create its paradise in an area where it can eliminate red tape, therefore enabling innovative businesses in sectors such as artificial intelligence, energy, and advanced manufacturing to flourish even if the site of the project is yet unknown.
Originally started by Dryden Brown in 2019, Praxis has attracted interest from well-known venture capitalists like Apollo Projects, Paradigm, and Winklevoss Capital. Promising scaled urban planning supporting up to 10,000 inhabitants across a 1,000-acre region, the city’s proposal combines modern design with ancient aesthetics.
Although the initiative aims high—that of establishing “heroic” lifestyles via institutional and cultural development—the financing depends on Praxis reaching specific benchmarks. These cover getting licenses, buying land, and tokenizing property ownership. To fully access the funds, Praxis will also have to list bitcoin tokens connected to the real estate of the city on public markets, therefore adding another degree of financial complexity.
Early 2025 should mark the completion of the first phase of development as the team investigates possible sites in Latin America and the Mediterranean. Praxis follows a long line of crypto and tech-driven city initiatives that have struggled to get momentum despite the bright future vision. Projects such as Satoshi Island close to Vanuatu and Akon City in Senegal have experienced delays and minimal development following their grand presentations.
Praxis’s audacious concept is drawing a lot of attention right now. However, it remains uncertain whether Praxis can steer clear of the errors made in previous endeavors.
