Iran Launches Bitcoin-Powered Ship Insurance Platform to Bypass SWIFT

Iran launches Hormuz Safe platform for ship insurance, accepting Bitcoin payments.

The Iranian authorities have launched the digital platform Hormuz Safe for insuring ships in the Persian Gulf and the Strait of Hormuz. The service accepts payment in Bitcoin and other cryptocurrencies, reports Fars News Agency.

The project is overseen by the country’s Ministry of Economy. The main aim of the platform is to circumvent the SWIFT system and Western intermediaries amid sanctions. The insurance covers risks of inspection, detention, and confiscation of ships.

According to Fars, Iranian authorities expect to earn over $10 billion if the platform succeeds. Previously, industry representatives discussed collecting transit fees from tankers in Bitcoin or yuan. Such payments could reach $2 million per vessel, depending on the cargo volume.

Hormuz Safe promises shipping companies quick verification and settlements “at blockchain speed.” However, the platform lacks international recognition, and its use risks secondary sanctions from the United States.

Amid this backdrop, Bitcoin’s price adjusted below $77,000. At the time of writing, the digital gold is trading at $76,854 (-1.9% for the day).

In April, analysts at QCP stated that the resumption of shipping through the Strait of Hormuz does not guarantee the lifting of supply restrictions or a reduction in inflationary pressure due to rising oil prices.