Iran launches insurance service for Hormuz Strait transits
Iran has introduced a Bitcoin-backed shipping insurance service for Iranian shipping companies transiting the Strait of Hormuz.
The service, called Hormuz Safe, promises cryptographically verifiable insurance policies with payments settled in Bitcoin.
Some vessels have already been permitted to transit via a coastal route, with payments of up to $2 million reported in some cases.
The move comes as Iran and Oman held meetings last week to discuss transit routes