Praxis Secures $525 Million for Crypto and AI-Friendly Utopian City

Praxis, an “internet-native alliance,” has secured $525 million to develop a tech-friendly city designed with reduced regulations for industries like crypto and AI. Supported by major investors, including a $500 million pledge from GEM Digital and $25 million from Arch Lending, Praxis plans to launch this tech haven in a yet-to-be-disclosed location, focusing on innovations across biotech, energy, and advanced manufacturing. With around 1,000 acres and room for 10,000 residents, the city aims to showcase futuristic architecture and a blockchain-based economy. A final location is expected to be chosen by early 2025.