Iran has introduced Hormuz Safe, a digital platform aimed at providing insurance for vessels moving through the Persian Gulf and the Strait of Hormuz. According to local media reports, the service accepts payments in Bitcoin and other cryptocurrencies, while the project is linked to Iran’s economic authorities.

The platform is not just a standard insurance product. For Tehran, it appears to be part of a broader attempt to build an alternative financial channel for maritime trade while bypassing SWIFT and Western intermediaries. Hormuz Safe promises fast digital policies and blockchain-based settlement once a transaction is confirmed. The coverage is said to include risks such as vessel inspection, detention and seizure.

Iranian officials reportedly believe the platform could generate more than $10 billion if it scales successfully. Earlier discussions also included the possibility of collecting transit-related payments from tankers in Bitcoin or Chinese yuan, with fees potentially reaching several million dollars per vessel depending on cargo size.

Still, Hormuz Safe comes with major uncertainty. The platform lacks international recognition, and shipping companies using it could face serious sanctions exposure. For the crypto market, the case is significant because it shows how Bitcoin is increasingly being positioned not only as an investment asset, but also as a tool in geopolitical and sanctions-related financial infrastructure.