Iran launches Bitcoin settlement maritime insurance platform Hormuz Safe, with potential revenue exceeding $10 billion

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ME News Report, May 18 (UTC+8), Iran launched the state-supported digital maritime insurance platform Hormuz Safe, providing maritime insurance for ships passing through the Persian Gulf and the Strait of Hormuz, settled in 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 issues with international recognition; shipowners, trading companies, or port authorities interacting with the platform may trigger secondary sanctions risks. (Source: ODAILY)

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