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Praxis, an innovative “internet-native alliance,” has raised $525 million to create a tech-friendly city with reduced regulations for emerging industries like crypto and AI. The ambitious project, announced on Oct. 15, received backing from major players, including Arch Lending and GEM Digital.
Praxis aims to build a city that lowers regulatory barriers for tech industries such as AI, crypto, biotech, energy, and advanced manufacturing.
The city, designed to blend futuristic and classical aesthetics, will cover approximately 1,000 acres and house around 10,000 residents. Although the location is yet to be finalized, discussions are underway for sites in Latin America and the Mediterranean, with a decision expected in early 2025.
GEM Digital is contributing the bulk of the funds, pledging $500 million in exchange for crypto tokens that represent future real estate ownership. Praxis will release these tokens publicly, allowing investors to benefit from the city’s development.
This funding milestone brings Praxis one step closer to realizing its vision of a modern, regulation-light city. Despite other tech-driven utopias, like Akon City and Satoshi Island, experiencing delays, Praxis is optimistic about breaking ground and achieving its goals by 2025.