Hormuz Safe, a digital insurance platform targeting shipping routes through the Strait of Hormuz, aims to generate $10 billion in revenue for Iran.

According to a report by Fars News Agency, an organization affiliated with the Iranian Islamic Revolutionary Guard Corps (IRGC), Iran has launched a digital insurance platform for cargo routes through the Strait of Hormuz and the Persian Gulf, with policies settled using Bitcoin. The platform, named "Hormuz Safe," primarily provides marine insurance services for vessels transiting strategic waterways and surrounding areas. Hormuz Safe aims to offer Iranian shipping companies and cargo owners fast, verifiable digital insurance services—paying via Bitcoin and settling at blockchain speed. According to a document obtained by Fars News Agency, the Iranian Ministry of Economy began implementing the plan in April of this year. The report states that this framework is expected to generate over $10 billion in revenue for Iran through low-risk insurance products covering ship inspections, seizures, and forfeitures. However, it is currently impossible to independently verify whether Hormuz Safe is officially operational or whether any cargo owners are actually using the platform.