Iran launches Bitcoin settlement maritime insurance platform Hormuz Safe

According to CryptoBriefing, Iran has launched the state-supported digital maritime insurance platform Hormuz Safe, which provides maritime insurance for vessels passing through the Persian Gulf and the Strait of Hormuz, settling in Bitcoin and other cryptocurrencies. The Iranian government believes that if the platform can capture 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 Iran's reliance on traditional financial infrastructure. The biggest obstacle the platform faces is the issue of international recognition; if shipowners, trading companies, or port authorities interact with the platform, it may trigger secondary sanctions risks.