The Praxis project has secured $525 million to create a new city that will foster breakthroughs in artificial intelligence (AI), cryptocurrencies, biotechnology, energy, and advanced manufacturing, while minimizing regulatory barriers.

Investors and Support

Key investors in the project include Arch Lending, GEM Digital, Manifold Trading, as well as notable individuals such as Dan Romero (CEO of Farcaster), Tom Schmidt (CEO of Dragonfly), Rob Hadik (general partner at Dragonfly), and Max Novendstern (co-founder of Worldcoin).

“Capital formation for the city has become the central focus of Praxis, as it accelerates the speed and quality of deals with governments and landowners. […] We have developed a crypto-native mechanism for financing large-scale projects using tokenized real assets,” said representatives of the project.

City Concept and Features

The new city will be designed for entrepreneurs and innovative companies, focusing on traditional values of Western civilization. The city’s concept was developed by the international architectural firm Zaha Hadid Architects.

GEM Digital will contribute the majority of the funds—$500 million—in exchange for tokens representing ownership rights to future real estate. These tokens will be available on public cryptocurrency exchanges, providing access to capital as the project progresses. The remaining $25 million will come from Arch Lending.

Funding Phases and Implementation

The funds will be provided as the project reaches key milestones, including obtaining construction permits, land acquisition, tokenization of ownership rights, and city habitation.

Project leader Dryden Brown stated that the location could be in Latin America or the Mediterranean, with the final decision to be made in the first quarter of 2025.

Other Initiatives

In February 2022, British crypto-investor Anthony Welch purchased the island of Lataro, which he renamed Satoshi. Plans for the island include building a smart city for cryptocurrency enthusiasts.