Shipping

Iran Launches Bitcoin-Based Insurance Scheme for Ships Crossing Hormuz

Iran has launched Hormuz Safe, a Bitcoin-backed insurance service for Iranian shipping companies transiting the Strait of Hormuz, according to the semi-official Fars news agency. The service provides cryptographically verifiable digital insurance with payments settled in Bitcoin. The initiative coincides with Iran's establishment of the Persian Gulf Strait Authority on Monday to manage traffic through the waterway, as more than 1,500 commercial vessels remain trapped in the Persian Gulf amid ongoing US-Iran tensions.