Praxis, a project that aims to create a city with fewer regulations for crypto and AI technology leaders, announced that it has secured $525 million in funding. On October 15, it announced funding from a variety of companies, including Arch Lending and GEM Digital. The location of the city was not disclosed, but it promises to reduce regulatory hurdles for tech companies in the areas of AI, crypto, biotech, energy, and advanced manufacturing.

The project aims to create “heroic and beautiful ways of living” and show that it is possible to build a great city in the 21st century. Led by co-founder Dryden Brown, Praxis was founded in 2019 and has previously raised capital from venture firms such as Paradigm, Bedrock, and Winklevoss Capital.

GEM Digital is providing the bulk of the funding with a $500 million contribution. Praxis will be required to offer crypto tokens representing ownership in future real estate developments. The project is evaluating potential locations in the Latin American and Mediterranean regions, with a final location expected to be selected in the first quarter of 2025.

What do you think of such projects? Share with us in the comments!