Insurance companies reportedly sunk crypto cruise ship’s MS Satoshi project


Plans of a Panama-based company Ocean builders to launch a crypto cruise ship, a floating community to accommodate businesses, including shops and restaurants that planned to accept bitcoin (BTC) of customers, would have been sidelined by what business representatives describe as the inflexibility of large insurance companies.

The former Pacific Dawn, an 804-foot ship built in 1991, was to be renamed MS Satoshi in order to honor the creator of the cryptocurrency, Satoshi Nakamoto. However, instead of becoming a floating blockchain hub anchored off the waters of Panama, the ship was sold for scrap and was reportedly sent to a shipyard in India where it is to be dismantled.

“Unfortunately, we will not be able to continue because of the large archaic insurance companies that cannot adapt to new innovative ideas,” Grant Romundt, CEO of Ocean Builders wrote in an email to investors. got by The Wall Street Journal.

As reported, the company chose Panama for the project because of the country’s crypto-friendly climate. The ship was to become a symbol of the rapid expansion of bitcoin. However, the project sank after Ocean Builders was informed by insurance companies that the MS Satoshi would have to comply with maritime law requirements related to insurance and pay premiums in fiat currency.

Last November, the Ocean Builders Facebook Account announced an auction to distribute a total of 777 cabins to potential customers, claiming a monthly maintenance fee starting at $ 570 per month, combined with a monthly payment of $ 138 for electricity. That same month, on Twitter, the company was attractive users to its live broadcast with the ship’s captain. contacted Ocean Builders to ask them to comment on the progress of the project.
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