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In Forest City, Former Coinbase Executive Transforms Abandoned Hotel Into Startup Campus, Uniting Crypto, Technological Ideology and New Social Models
An abandoned hotel on an artificial island in Malaysia has been transformed into a campus for technology and cryptocurrency entrepreneurs. They participate in the Network School, created by Balaji Srinivasan, former Coinbase executive, according to Bloomberg reports.
The experience takes place in Forest City, a mega real estate project launched in 2016 by a Chinese developer in partnership with a Malaysian state fund.
Planned as a futuristic and sustainable city, the initiative ultimately failed after the pandemic, rising prices, and financial issues. Today, occupancy is minimal.
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It is in this scenario that Srinivasan seeks to implement his vision of “startup societies,” based on shared beliefs and technology, rather than historical borders.
The Concept of New Nations
The most important thing for the visionary is that each person can choose their country just as they choose a college. He stated in a talk at Bitcoin Asia in Hong Kong that this has already begun to happen.
Utopian ideas linked to Silicon Valley and the crypto community have been circulating for over a decade. Despite little practical support so far, Srinivasan believes the world is ready to question the nation-state model. Forest City would be the first test on a global scale.
Why Forest City?
Although he did not clearly explain the choice, Bloomberg points out strategic advantages. These include low rents, proximity to Singapore, and incentives from the Malaysian government.
There is also the creation of a free trade zone and tax exemptions for investment vehicles of ultra-wealthy individuals.
Thus, the former urban promise has become the perfect environment to attract entrepreneurs seeking space and new forms of organization.
Structure of the School
So far, about 400 students have passed through the campus. The initial cost is US$ 1,500 per month, including accommodation and meals in shared rooms.
Mornings are dedicated to programming and product development. Afternoons are for seminars on various topics, such as Singapore governance, decentralized management, and even the Meiji Restoration. The lectures mix technical learning and ideological content.
Additionally, there is a strong emphasis on longevity and health. Students follow a high-protein diet, inspired by the Don’t Die movement of guru Bryan Johnson. At the restaurant in Marina Hotel, protein shakes and steaks dominate the menu.
The Mentor Behind the Idea
Balaji Srinivasan has a career marked by Silicon Valley. He co-founded Counsyl in 2008, was a partner at Andreessen Horowitz, and became CTO of Coinbase in 2018.
In 2013, he was already advocating for the “final exit” from Silicon Valley, which he considered obsolete. In 2022, he published the book The Network State, proposing ideologically aligned communities that could, through blockchain, form decentralized states and seek diplomatic recognition.
Although he criticizes policies of Donald Trump, his harshest critiques fall on the “Blue Tribe”—liberals and Democrats. He believes that the “Gray Tribe,” made up of innovators, can reclaim cities like San Francisco through territorial occupation.
Selection and Expansion
In the school’s selection process, there is a peculiar criterion: the more respect a candidate has for traditional institutions, the less chance they have of being accepted. For Srinivasan, innovation requires disruption, not conformity.
He also states that this is just the beginning. His plan is to establish a permanent campus in Forest City for thousands of entrepreneurs and then take the model to cities like Miami, Dubai, and Tokyo.
Reflections for Forest City
The city, once known as a “white elephant” in Malaysia with a US$ 100 billion price tag, now hosts a laboratory of radical ideas.
Whether it will work or not remains uncertain. But, immediately, it has already brought benefits: international attention, economic movement, and a new narrative for one of Malaysia’s largest urban ventures.
With information from Época Negócios.
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