Man
Professional
- Messages
- 3,093
- Reaction score
- 632
- Points
- 113
The project, which aims to create a city with fewer regulations for cryptocurrency and AI technology leaders, claims to have received $525 million in promised funding.
Praxis, a self-proclaimed "internet alliance," said on Oct. 15 that it had received funding from various companies, including cryptocurrency lending platform Arch Lending and cryptocurrency investment company GEM Digital.
The location of the tech utopia has not been disclosed, but the project promises that the city will "reduce regulatory barriers" for tech companies in "AI, cryptocurrency, biotechnology, energy, and advanced manufacturing."
Other goals noted by Praxis include "creating a more heroic and beautiful way of life [sic]" through what it calls "cultural and institution-building" and demonstrating to the world the possibility of "building a great city in the 21st century."
The project claims that the architects have a working concept for the city that combines "futuristic and classical aesthetics with scalable urban planning."
Led by co-founder Dryden Brown, Praxis was founded in 2019. Previously, she raised capital from venture capital firms including Paradigm, Bedrock, Apollo Projects, Winklevoss Capital, and Day One Ventures.
According to an Oct. 15 Wall Street Journal report, GEM Digital CEO Jonathan Collins said his firm is contributing the lion's share of the $500 million fund.
In return, Praxis must provide GEM with cryptocurrency tokens representing the ownership of future real estate.
Praxis will need to start listing cryptocurrency tokens on a public cryptocurrency exchange in order to gain access to capital.
The rest of the funds will be disbursed in phases as milestones such as obtaining permits from the local government, buying land for construction, tokenizing land ownership, starting construction, and attracting people to move to the city are reached. Another $25 million comes from Arch Lending.
Brown told the magazine that he is discussing possible locations for the city in Latin America and the Mediterranean region.
The initial project is designed for an area of about 1000 acres and accommodation for 10,000 people. Brown said the final location is likely to be chosen in the first quarter of 2025.
Praxis' long list of proposed cryptocurrency cities
is the latest in a series of planned technological utopias that have never budged or stalled.
Akon City, a proposed cryptocurrency-based smart city in Senegal, was announced by rapper Akon in 2018, but the project hasn't made much progress.
Only a few buildings have been built, and there has been no real renovation since 2023 - when construction was supposed to begin.
Satoshi Island, a project to acquire an entire island near Vanuatu, was launched in 2021 with the aim of creating a home for cryptocurrency professionals and a deregulated stronghold with blockchain-based economy.
Almost three years later, the last report on the island, dated October 7, said that it indicated where some prefabricated structures could go and built the foundations, but did not say when these structures could appear.
In 2018, grand plans were also announced to build a blockchain-based city called Puerto at the Roosevelt Roads Naval Base in Ceiba. But there haven't been any meaningful updates in years.
Praxis, a self-proclaimed "internet alliance," said on Oct. 15 that it had received funding from various companies, including cryptocurrency lending platform Arch Lending and cryptocurrency investment company GEM Digital.
The location of the tech utopia has not been disclosed, but the project promises that the city will "reduce regulatory barriers" for tech companies in "AI, cryptocurrency, biotechnology, energy, and advanced manufacturing."
Other goals noted by Praxis include "creating a more heroic and beautiful way of life [sic]" through what it calls "cultural and institution-building" and demonstrating to the world the possibility of "building a great city in the 21st century."
The project claims that the architects have a working concept for the city that combines "futuristic and classical aesthetics with scalable urban planning."
Led by co-founder Dryden Brown, Praxis was founded in 2019. Previously, she raised capital from venture capital firms including Paradigm, Bedrock, Apollo Projects, Winklevoss Capital, and Day One Ventures.
According to an Oct. 15 Wall Street Journal report, GEM Digital CEO Jonathan Collins said his firm is contributing the lion's share of the $500 million fund.
In return, Praxis must provide GEM with cryptocurrency tokens representing the ownership of future real estate.
Praxis will need to start listing cryptocurrency tokens on a public cryptocurrency exchange in order to gain access to capital.
The rest of the funds will be disbursed in phases as milestones such as obtaining permits from the local government, buying land for construction, tokenizing land ownership, starting construction, and attracting people to move to the city are reached. Another $25 million comes from Arch Lending.
Brown told the magazine that he is discussing possible locations for the city in Latin America and the Mediterranean region.
The initial project is designed for an area of about 1000 acres and accommodation for 10,000 people. Brown said the final location is likely to be chosen in the first quarter of 2025.
Praxis' long list of proposed cryptocurrency cities
is the latest in a series of planned technological utopias that have never budged or stalled.
Akon City, a proposed cryptocurrency-based smart city in Senegal, was announced by rapper Akon in 2018, but the project hasn't made much progress.
Only a few buildings have been built, and there has been no real renovation since 2023 - when construction was supposed to begin.
Satoshi Island, a project to acquire an entire island near Vanuatu, was launched in 2021 with the aim of creating a home for cryptocurrency professionals and a deregulated stronghold with blockchain-based economy.
Almost three years later, the last report on the island, dated October 7, said that it indicated where some prefabricated structures could go and built the foundations, but did not say when these structures could appear.
In 2018, grand plans were also announced to build a blockchain-based city called Puerto at the Roosevelt Roads Naval Base in Ceiba. But there haven't been any meaningful updates in years.
