Iran Launches Bitcoin-Settled Marine Insurance Platform Hormuz Safe, with Potential Revenue Exceeding $10 Billion

Odaily Planet Daily News Iran has launched a state-backed digital marine insurance platform, Hormuz Safe, which provides marine insurance for vessels transiting the Persian Gulf and the Strait of Hormuz, and settles claims using Bitcoin and other cryptocurrencies. The Iranian government believes that if the platform captures a significant share of the Persian Gulf shipping insurance market, it could generate over $10 billion in revenue. Hormuz Safe aims to bypass the SWIFT network and Western intermediaries, reducing reliance on traditional financial infrastructure. The platform faces challenges regarding international recognition; shipowners, trading companies, or port management authorities interacting with the platform could trigger secondary sanctions risks. (Cryptobriefing)