Bloomberg: Iran launches Bitcoin-backed shipping insurance mechanism in the Strait of Hormuz

According to a Bloomberg report on May 18th, as reported by Mars Finance, Iran has begun launching a Bitcoin-based shipping insurance arrangement for the Strait of Hormuz to address the current high-risk navigation environment in the strait. Recently, Iran launched a maritime insurance platform called "Hormuz Safe," providing digital insurance services for ships transiting the Strait of Hormuz and allowing payments using cryptocurrencies including Bitcoin. Amid the escalating US-Iran conflict and the increasing risks in the Strait of Hormuz, war risk insurance costs for ships have skyrocketed. Bloomberg previously reported that insurance costs for some ships transiting the Strait of Hormuz have now risen to approximately 5% of the vessel's value.