Iran Launches Hormuz Safe, State-Backed Maritime Insurance Platform Settling in Bitcoin

BTC-1.63%

According to CryptoBriefing, Iran has launched Hormuz Safe, a state-backed maritime insurance platform that settles claims in Bitcoin and other cryptocurrencies for vessels transiting the Persian Gulf and Strait of Hormuz. The Iranian government estimates the platform could generate over $10 billion in revenue if it captures a significant share of the Gulf’s shipping insurance market.

Hormuz Safe is designed to bypass the SWIFT network and Western financial intermediaries, reducing Iran’s reliance on traditional infrastructure. However, the platform faces a major obstacle: international recognition. Shipowners, trading companies, or port operators engaging with Hormuz Safe risk triggering secondary sanctions.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.
Comment
0/400
No comments