State-backed platform aims to bypass SWIFT, targeting $10 billion in revenue from Gulf shipping insurance settlements in cryptocurrencies.
Iran has launched Hormuz Safe, a digital maritime insurance platform for vessels in the Persian Gulf and Strait of Hormuz, allowing settlements in Bitcoin and other cryptocurrencies. The initiative, backed by Iran’s Ministry of Economic Affairs, seeks to circumvent Western financial systems like SWIFT and reduce reliance on intermediaries.
Government insiders project the platform could generate over $10 billion in revenue if it secures a significant share of the regional shipping insurance market. However, challenges include gaining international recognition and mitigating risks from potential U.S. secondary sanctions.
The move reflects Iran’s broader strategy to navigate economic restrictions while integrating digital assets into trade finance.