Hormuz Safe Bitcoin insurance for Gulf transit may net $10B

Iran launched Hormuz Safe, a digital insurance platform offering bitcoin-settled marine coverage for cargo transiting the Strait of Hormuz and the Persian Gulf, according to government-linked reporting. The platform is described as a blockchain-based marketplace for marine policies.

The service presents premiums denominated and settled in bitcoin and records contracts and payments on a blockchain with the stated aim of speeding settlements and providing verifiable records.

Hormuz Safe is aimed at Iranian shipping firms and cargo owners and offers policies focused on routine risks tied to passage and port interactions, including vessel inspection, detention and confiscation. A document tied to the plan says the Ministry of Economy has pursued the framework since April and projects more than $10 billion in revenue from selling low-risk policies.

It is not clear whether the platform is fully operational or whether any cargo owners or international carriers have used the site. There is no public independent verification of live transactions or participation by non-Iranian firms.

Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, proposed that tanker transit fees could be settled in bitcoin or other non-dollar currencies such as the yuan and indicated fees might reach up to $2 million per vessel depending on cargo volume.

Practical questions remain about implementation, including how insurers would price risk, how bitcoin volatility would be managed in premium and claim settlements, and whether international shipping companies would accept cryptocurrency-denominated policies.

Authorities have pursued alternatives to dollar-based payment systems as sanctions constrain access to conventional banking and dollar transactions. Reported revenue forecasts and the platform’s public presentation reflect an effort by economic authorities and state-linked entities to create a crypto-settled insurance option for maritime traffic through the region.