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

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.