Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert

Neutral Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert

Consumer protection lawyer Jeffrey Berns is the owner and CEO of Blockchains LLC, a company that bought more than 67,000 acres of land in northern Nevada for $170 million earlier this year. On Thursday, he revealed plans to build a crypto city in the desert, claiming to have invested $300 million to make it a reality. Also Read: Bitcoin Trader Faces Five Years in US Jail for Unlicensed Money Transmitting Business

Welcome to Sandbox City

Berns, who focused primarily on class action suits against big financial services companies during his law career, reportedly made a fortune by investing in Ethereum in 2015. Now he wants to give back to the crypto community and leave his mark on the world by establishing Sandbox City.

The sprawling complex is meant to be a model for running a smart city with a decentralized blockchain infrastructure powering all interactions. It will house a high-tech park for ventures combining blockchain technology with artificial intelligence (AI), 3D printing and nanotechnology. The planned city will include residential units for thousands of people to live in, alongside shops for commerce. The area will also host an esports arena and a studio for creating music, movies and games.

A Friendly Bank and Nuclear Bunkers

Besides giving developers a place to gather, and investors an attractive tax location, Blockchains LLC has a few more offers for the industry.

According to the launch event speech by the CEO, he bought two decommissioned military bunkers in different parts of the United States in order to offer secure physical digital asset storage. For storage outside the U.S., the company also acquired a "fortress" under a granite mountain in Switzerland, and one in Sweden.

Berns also said he bought a bank that he promises to make the most friendly fiat banking solution for the cryptocurrency ecosystem. He explained that he decided to take this move when his own bank blocked all his cards after he outed himself as a Coinbase customer in order to fight in court against the IRS demand for the exchange to hand over all client data.

The company has also signed a Memorandum of Understanding with Nevada's electricity public utility, NV Energy, agreeing to work together on energy projects powered by blockchain technology.

Does cryptocurrency technology development require a dedicated city? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi's Pulse, another original and free service from Bitcoin.com.

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

11/04/2018 / 19:30:02 Source: bitcoin.com

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