Plans by Panama-based company Ocean Builders to launch a crypto cruise ship, a floating community to host businesses including stores and restaurants that planned to accept bitcoin (BTC) from customers, were reportedly scrapped by what company representatives describe as the inflexibility of big insurance companies.
The former Pacific Dawn, a 1991-built 804-foot vessel, was to be renamed as MS Satoshi in a bid to honor the cryptocurrency’s creator, Satoshi Nakamoto. However, instead of becoming a floating blockchain hub anchored offshore in the waters of Panama, the vessel was sold for scrap and reportedly sent to a yard in India where it is to be dismantled.
“Unfortunately, we will not be able to proceed because of archaic big insurance companies that cannot adapt to innovative new ideas,” Grant Romundt, CEO of Ocean Builders, wrote in an email to investors obtained by The Wall Street Journal.
As reported, the company picked Panama for the project owing to the country’s crypto-friendly climate. The vessel was to become a symbol of bitcoin’s rapid expansion. However, the project sank after Ocean Builders was reportedly informed by insurance companies the MS Satoshi would need to comply with maritime law requirements related to insurance, and pay premiums in fiat currency.
Last November, Ocean Builders’ Facebook account advertised an auction to distribute a total of 777 cabins to prospective customers, declaring monthly maintenance fees starting at USD 570 per month combined with a monthly USD 138 payment for electricity. The same month, on Twitter, the business was inviting users to its livestream with the vessel’s captain.
Cryptonews.com has reached out to Ocean Builders with a request for comment on the project’s status.
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