Iran-linked digital insurance platform Hormuz Safe has begun offering Bitcoin-settled cover for maritime cargoes moving through the Strait of Hormuz, the Persian Gulf and nearby waterways, according to Fars News Agency.
The platform is aimed at cargo owners and shipping companies seeking digital marine insurance policies and certificates of financial responsibility for regional transits.
A document cited by Fars said Iran’s Ministry of Economy had been pursuing an insurance-based framework for the Strait of Hormuz since early Ordibehesht in the Iranian calendar.
The plan could generate more than $10bn in revenue for Iran through marine insurance policies and financial responsibility certificates, according to the document cited by Fars.
The earlier report said the framework was intended as a civilian insurance mechanism for managing shipping activity in the strait, rather than a direct toll system.
Hormuz Safe’s website says cover is paid through Bitcoin and settled quickly.
Hormuz Safe presents itself as a digital insurance platform for Iranian shipping companies and cargo owners, with a focus on Bitcoin-based settlement and digital verification of marine insurance documentation.