Bloomberg: Iran launches "Bitcoin-backed" shipping insurance mechanism for the Strait of Hormuz

According to Bloomberg, Iran has begun to launch a Bitcoin-based shipping insurance arrangement for the Strait of Hormuz to address the current high-risk navigation environment in the strait.

Recently, Iran has introduced a maritime insurance platform called "Hormuz Safe," which provides digital insurance services for vessels passing through the Strait of Hormuz and allows payments in cryptocurrencies, including Bitcoin.

Against the backdrop of escalating U.S.-Iran conflicts and risks in the Strait of Hormuz, the costs of war insurance for ships have surged significantly. Bloomberg previously reported that the insurance costs for some vessels crossing the Strait of Hormuz have now risen to about 5% of the vessel's value.