Iran-linked report says Hormuz Safe bitcoin-settled insurance platform aims to generate $10 billion
The Block
Iran has launched Hormuz Safe, a digital insurance platform for Strait of Hormuz cargo shipments that exclusively accepts bitcoin payments.Summary
A report from the Iran-linked Fars News Agency states that Iran has introduced 'Hormuz Safe,' a digital platform providing marine insurance for vessels in the Strait of Hormuz and Persian Gulf. The platform settles insurance policies using bitcoin, aiming to bypass traditional financial systems under sanctions. According to the report, the government projects the initiative could generate over $10 billion in revenue by covering risks such as vessel detention or confiscation. While the project is tied to Iran's Ministry of Economy, independent verification of the platform's current operational status remains unavailable.
(Source：The Block)