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The digital insurance platform "Hormuz Safe" targeting the Strait of Hormuz shipping route aims to generate $10 billion in revenue for Iran.
Mars Finance News, on May 18, according to Fars News Agency, which is associated with the Islamic Revolutionary Guard Corps (IRGC), Iran has launched a digital insurance platform for the Strait of Hormuz and Persian Gulf shipping routes, with related policies settled using Bitcoin.
The report states that the platform is called “Hormuz Safe,” mainly providing maritime insurance services for ships passing through strategic waters and surrounding waterways.
Hormuz Safe aims to offer Iranian shipping companies and cargo owners quick, verifiable digital insurance services—paid with Bitcoin and settled at blockchain speed.
According to a document obtained by Fars News Agency, Iran’s Ministry of Economy has been promoting this plan since April of this year.
The report claims that this framework is expected to generate over $10 billion in revenue for Iran by covering low-risk insurance products such as vessel inspections, seizures, and confiscations.
However, it is currently impossible to independently verify whether Hormuz Safe has officially gone into operation or whether any cargo owners have actually used the platform.