The project, which aims to create a less regulated city for crypto and AI technology leaders, claims to have received $525 million in funding commitments.

Praxis said in a statement on October 15 that it had secured funding from various companies, including crypto lending platform Arch Lending and crypto investment firm GEM Digital.

The location of the city has not yet been announced, but the project promises to “reduce regulatory barriers” for technology companies such as AI, crypto, biotech, energy and advanced manufacturing.

Praxis’ other goals include creating “a more heroic and beautiful way of life” through “culture and institution building” and showing the world that it is possible to build a great city in the 21st century.

The project claims that the architects are working on a city concept that blends “scalable urban planning with forward-looking and classical aesthetics.”

Founded by Dryden Brown in 2019, Praxis had previously raised capital from venture firms such as Paradigm, Bedrock, Apollo Projects, Winklevoss Capital and Day One Ventures.

GEM Digital director Jonathan Collins said his firm provided the bulk of the funding, $500 million. In return, Praxis is required to provide GEM with crypto tokens representing future real estate developments.

To access this capital, Praxis will have to start listing its crypto tokens on a public crypto exchange.

The rest of the funds will be released once milestones such as obtaining permits from the local government, purchasing land, tokenizing land ownership, starting construction, and moving people to the city are completed. Additional funding of $25 million will be provided from Arch Lending.

Brown said he is discussing possible locations for the city in Latin America and the Mediterranean regions. The project is initially planned to cover an area of ​​approximately 1,000 acres and accommodate 10,000 people.

The final location will likely be selected in the first quarter of 2025, Brown said. Praxis stands out as one of the planned technology utopias that could not be realized before or were stalled.

Announced by rapper Akon in 2018, crypto-backed Akon City in Senegal has made little progress to date. Only a few buildings have been built and there have been no updates since construction, which was supposed to start in 2023.

The Satoshi Island project, which was launched in 2021 with the aim of purchasing an island near Vanuatu to host crypto professionals and create a blockchain-based economy, has a similar situation.

Almost three years later, in the last update on October 7, it was stated that ground had been broken for some pre-fabricated structures, but no information was given as to when they would be completed.

Plans to build Puertopia, a blockchain-powered city at Roosevelt Roads Naval Base in Ceiba, were also announced in 2018, but there have been no significant updates on this for years.