**Crypto City Project Secures $525M Funding**

Praxis, an ambitious project aiming to create a tech-friendly city with fewer regulations, has announced a $525 million funding pledge. The funding comes from various firms, including crypto lending platform Arch Lending and investment firm GEM Digital.

- **Funding Breakdown**: GEM Digital is contributing $500 million, with Praxis needing to list crypto tokens on a public exchange to access the capital. Arch Lending is adding $25 million.

- **Project Goals**: The city aims to reduce regulatory barriers for companies in AI, crypto, biotech, energy, and advanced manufacturing.

- **Location & Timeline**: Potential locations include Latin America and the Mediterranean, with a final site selection expected by early 2025. The initial phase will cover 1,000 acres and house 10,000 people.

- **Previous Attempts**: Similar projects like Akon City and Satoshi Island have struggled to progress, raising questions about the feasibility of such grand plans.

Praxis, founded in 2019, has previously raised capital from notable venture firms and aims to demonstrate that building a great city in the 21st century is possible.